C K – INVESTOR C · 4/30/2020 · currency movements will not be accurately predicted. A forward...

WEISS ALTERNATIVE BALANCED RISK FUND

CLASS K – WEIKXINVESTOR CLASS – WEIZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission,paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically requestpaper copies of the reports. Instead, the reports will be made available on the Fund’s websitewww.weissfunds.com, and you will be notified by mail each time a report is posted and provided with a websitelink to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change andyou need not take any action. You may elect to receive shareholder reports and other communications from theFund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are adirect investor, by calling 866-530-2690 or by sending an email request to [email protected].

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary,you can contact your financial intermediary to request that you continue to receive paper copies of yourshareholder reports. If you invest directly with the Fund, you can call 866-530-2690 or send an email request [email protected] to let the Fund know you wish to continue receiving paper copies of yourshareholder reports. Your election to receive reports in paper will apply to all funds held in your account if youinvest through your financial intermediary.

SEMI-ANNUAL REPORT

APRIL 30, 2020

Dear Shareholders:

The Weiss Alternative Balanced Risk Fund (the “Fund”) was launched on December 1, 2015 in response toinvestors’ search for a liquid and transparent investment vehicle that seeks to provide returns with moderatevolatility and reduced correlation to the overall performance of bond and equity markets. The Fund utilizes adynamic, risk-weighted asset allocation in an effort to create a balanced solution, optimized for a variety ofmarket climates. The Fund invests in three diversified asset classes, including an allocation to the WeissMulti-Strategy portfolio; there are investments in long-only debt securities and long-only equity securities. Welook forward to giving our fourth full year report at the end of the year.

In the trailing 3-month period (February 2020-April 2020), the Weiss Alternative Balanced Risk Fund (WEIKX)returned -2.13% net of fees while its benchmark, the Bloomberg Barclays US Aggregate Bond Index returned 3.00%.

In the trailing 3-month period, The Market Neutral Multi-Strategy Alpha component of WEIKX produced grossreturns of -0.19%, the Equity component returned -18.18% gross and Fixed Income finished with returns of3.71% gross. The current month end weights across the three asset classes in the fund are as follows: Equities(17.91%), Fixed Income (58.09%) and Alpha (23.99%).

WEIKX illustrated its effort to minimize volatility and limit downside loss during periods of increased financialmarket instability. The Alpha component continued to contribute a return stream with low levels of correlation toother asset classes which complements the pro-cyclical Equity sleeve and defensive Fixed Income sleeve.

Sincerely,

/s/ Weiss Portfolio Managers

Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investmentgrade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-relatedand corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency andnon-agency).

Alpha is an annualized return measure of how much better or worse a fund’s performance is relative to an index offunds in the same category, after allowing for differences in risk.

Correlation is a statistical measure of the degree to which the movements of two variables(stock/option/convertible prices or returns) are related.

One cannot invest directly in an index.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investmentadvice.

Diversification does not assure a profit nor protect against loss in a declining market.

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Mutual fund investing involves risk. Principal loss is possible. Derivatives involve special risks includingcorrelation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may begreater than the risks presented by more traditional investments. The Fund may also use options and futurecontracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated marketmovements and failure to correctly predict the direction of securities prices, interest rates and currencyexchange rates. The investment in options is not suitable for all investors. The Fund invests in foreignsecurities which involve greater volatility and political, economic and currency risks and differences inaccounting methods. These risks are greater in emerging markets. Investment by the Fund in lower-rated andnon-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. TheFund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfoliosecurities or the Net Asset Value of the Fund, and money borrowed will be subject to interest costs. Small- andMedium-capitalization companies tend to have limited liquidity and greater price volatility thanlarge-capitalization companies. Investing in ETFs are subject to additional risks that do not apply toconventional mutual funds, including the risks that the market price of the shares may trade at a discount to itsnet asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading maybe halted by the exchange in which they trade, which may impact a Funds ability to sell its shares. The Fundmay make short sales of securities, which involves the risk that losses may exceed the original amount invested.

Must be preceded or accompanied by a prospectus.

The Weiss Alternative Balanced Risk Fund is distributed by Quasar Distributors, LLC.

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As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, includingmanagement fees and other Fund specific expenses. The expense example is intended to help the shareholderunderstand ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costsof investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning ofthe period and held for the most recent six-month period.

The Actual Expenses comparison provides information about actual account values and actual expenses.A shareholder may use the information in this line, together with the amount invested, to estimate the expensespaid over the period. A shareholder may divide his/her account value by $1,000 (e.g., an $8,600 account valuedivided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled“Expenses Paid During Period” to estimate the expenses paid on his/her account during this period.

The Hypothetical Example for Comparison Purposes provides information about hypothetical account values andhypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per yearbefore expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not beused to estimate the actual ending account balance or expenses paid for the period. A shareholder may use thisinformation to compare the ongoing costs of investing in the Funds and other funds. To do so, a shareholder wouldcompare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reportsof other funds.

The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect anytransactional costs, such as sales charges (loads), redemptions fees or exchange fees. Therefore, the HypotheticalExample for Comparisons Purposes is useful in comparing ongoing costs only and will not help to determine therelevant total costs of owning different funds. In addition, if these transactional costs were included, shareholdercosts would have been higher.

Expenses PaidAnnualized Net Beginning Ending During Period(1)

Expense Ratio Account Value Account Value (11/1/2019 to (4/30/2020) (11/1/2019) (4/30/2020) 4/30/2020)______________ _____________ _____________ _______________

Class K Actual(2)(3) 3.22% $1,000.00 $1,001.40 $16.02Hypothetical (5% annual return before expenses)(4) 3.22% $1,000.00 $1,008.85 $16.08

Investor Class Actual(2)(3) 3.57% $1,000.00 $ 999.90 $17.75Hypothetical (5% annual return before expenses)(4) 3.57% $1,000.00 $1,007.11 $17.82

(1) Expenses are equal to the Fund’s annualized expense ratio for the period multiplied by the average account value over the period, multipliedby 182/366 to reflect its six-month period.

(2) Based on the actual returns for the period from November 1, 2019 through April 30, 2020, of 0.14% and -0.01% for Class K and InvestorClass, respectively.

(3) Excluding dividends on short positions and borrowing expense, your actual cost of investing in Class K and Investor Class would be $7.46and $9.20, respectively.

(4) Excluding dividends on short positions and borrowing expense, your hypothetical cost of investing in Class K and Investor Class wouldbe $7.52 and $9.27, respectively.

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EXPENSE EXAMPLE (UNAUDITED)APRIL 30, 2020


LONG INVESTMENTS(1)(2)

(1) Data expressed as a percentage of long common stocks, long exchange traded funds, long convertible preferred stocks, long warrants, longshort-term investments, purchased options, long swap contracts, long forward currency contracts and long futures contracts as of April 30,2020. Data expressed excludes securities sold short, written options, short swap contracts, short forward currency contracts, short futurescontracts and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Schedule ofOpen Swap Contracts, Schedule of Open Forward Currency Contracts and Schedule of Open Futures Contracts for more details on theFund’s individual holdings.

(2) The value of option, swap, forward currency and futures contracts are expressed as notional and not fair value.

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ALLOCATION OF PORTFOLIO (UNAUDITED)APRIL 30, 2020


Long Common Stocks23.44%

Long Private Placement0.07%

Long Exchange Traded Funds25.23%

Long Futures Contracts35.21%

Long Preferred Stocks0.18%

Long Rights0.01%

Long Short-Term Investments13.88%

Purchased Options1.20%

Long Swap Contracts0.72%

Long Forward Contracts0.05%

Long Warrants0.01%

SHORT INVESTMENTS(3)(4)

(3) Data expressed as a percentage of short common stocks, short exchange traded funds, written options, short swap contracts, short foreigncurrency contracts and short futures contracts as of April 30, 2020. Data expressed excludes long investments, long swap contracts, longfutures contracts and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Scheduleof Open Swap Contracts, Schedule of Open Forward Currency Contracts and Schedule of Open Futures Contracts for more details on theFund’s individual holdings.

(4) The value of option, swap, forward currency, and futures contracts are expressed as notional and not fair value.

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ALLOCATION OF PORTFOLIO (UNAUDITED)APRIL 30, 2020


Short Common Stocks63.67%Written Options

5.38%

Short Exchange Traded Funds14.75%

Short Swap Contracts8.14%

Short Forward Currency Contracts0.18%

Short Futures Contracts7.84%

Short Preferred Stocks0.04%

Shares Value______ _____LONG COMMON STOCKS – 35.29%Aerospace & Defense – 0.22%The Boeing Company 113 $ 15,935Kratos Defense & Security Solutions, Inc. (a) 4,020 60,381L3Harris Technologies, Inc. 329 63,727Lockheed Martin Corporation 115 44,742TransDigm Group, Inc. 40 14,523Virgin Galactic Holdings, Inc. (a) 132 2,326___________

201,634___________

Air Freight & Logistics – 0.29%Atlas Air Worldwide Holdings, Inc. (a) 381 12,516C.H. Robinson Worldwide, Inc. 2,160 153,144Hub Group, Inc., Class A (a) 316 15,203XPO Logistics, Inc. (a) 1,287 85,894___________

266,757___________

Airlines – 0.64%Air Canada (a)(b) 8,153 118,551Alaska Air Group, Inc. 713 23,187Copa Holdings SA, Class A (b) 2,287 101,108Delta Air Lines, Inc. 6,992 181,162Ryanair Holdings plc – ADR (a)(b) 474 30,085Southwest Airlines Company 4,009 125,281United Airlines Holdings, Inc. (a) 198 5,857___________

585,231___________

Auto Components – 0.07%Aptiv plc (b) 256 17,805Dana, Inc. 1,775 20,412Visteon Corporation (a) 389 23,457___________

61,674___________

Automobiles – 0.11%Fiat Chrysler Automobiles NV (a)(b) 2,021 17,401Fiat Chrysler Automobiles (a)(b) 2,567 22,266Tesla Motors, Inc. (a) 49 38,312Winnebago Industries, Inc. 572 25,380___________

103,359___________

Banks – 0.02%Bank of America Corporation 775 18,639___________

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The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS (UNAUDITED)APRIL 30, 2020


Shares Value______ _____Beverages – 0.17%The Boston Beer Company, Inc., Class A (a) 47 $ 21,926The Coca-Cola Company 776 35,611PepsiCo, Inc. 738 97,630___________

155,167___________Biotechnology – 1.33%AbbVie, Inc. 519 42,662ACADIA Pharmaceuticals, Inc. (a) 1,283 61,982Acceleron Pharma, Inc. (a) 501 45,356Albireo Pharma, Inc. (a) 583 13,094Aldeyra Therapeutics, Inc. (a) 1,987 6,259Alexion Pharmaceuticals, Inc. (a) 132 14,186Applied Genetic Technologies Corporation (a) 208 776Argenx SE – ADR (a)(b) 321 47,023Ascendis Pharma A/S – ADR (a)(b) 78 10,587Autolus Therapeutics plc – ADR (a)(b) 648 6,104BELLUS Health, Inc. (a)(b) 586 5,473Biohaven Pharmaceutical Holding Company Ltd. (a) 1,152 54,259BioMarin Pharmaceutical, Inc. (a) 464 42,697Clovis Oncology, Inc. (a) 880 6,697Deciphera Pharmaceuticals, Inc. (a) 86 4,986Dynavax Technologies Corporation (a) 493 2,095Eiger BioPharmaceuticals, Inc. (a) 1,941 14,441Epizyme, Inc. (a) 337 5,547Esperion Therapeutics, Inc. (a) 13 515Exact Sciences Corporation (a) 449 35,462Exelixis, Inc. (a) 1,333 32,918Fate Therapeutics, Inc. (a) 130 3,559Fennec Pharmaceuticals, Inc. (a) 335 2,094FibroGen, Inc. (a) 939 34,640Galera Therapeutics, Inc. (a) 683 9,330Global Blood Therapeutics, Inc. (a) 355 27,165Heron Therapeutics, Inc. (a) 415 5,918Immunomedics, Inc. (a) 135 4,101Incyte Corporation (a) 444 43,361Insmed, Inc. (a) 858 19,734Intercept Pharmaceuticals, Inc. (a) 134 10,977Iovance Biotherapeutics, Inc. (a) 391 12,571KalVista Pharmaceuticals, Inc. (a) 259 2,826Karyopharm Therapeutics, Inc. (a) 142 3,131Merus NV (a)(b) 264 3,918Mirati Therapeutics, Inc. (a) 330 28,063

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SCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2020


Shares Value______ _____Biotechnology – 1.33% (Continued)Momenta Pharmaceuticals, Inc. (a) 105 $ 3,328Natera, Inc. (a) 13 481Neurocrine Biosciences, Inc. (a) 664 65,165Passage Bio, Inc. (a) 3,925 64,959REVOLUTION Medicines, Inc. (a) 39 1,220Rigel Pharmaceuticals, Inc. (a) 6,475 11,590Rocket Pharmaceuticals, Inc. (a) 325 4,810Sage Therapeutics, Inc. (a) 65 2,534Sangamo Therapeutics, Inc. (a) 247 2,013Sarepta Therapeutics, Inc. (a) 177 20,865Seattle Genetics, Inc. (a) 594 81,515Stemline Therapeutics, Inc. (a) 1,100 5,753Turning Point Therapeutics, Inc. (a) 14 721Twist Bioscience Corporation (a) 3,921 128,256uniQure NV (a)(b) 58 3,691United Therapeutics Corporation (a) 226 24,761Vertex Pharmaceuticals, Inc. (a) 492 123,590Voyager Therapeutics, Inc. (a) 220 2,378Zymeworks, Inc. (a)(b) 259 9,461___________

1,221,598___________Building Products – 0.10%Carrier Global Corporation (a) 4,318 76,472Owens Corning 250 10,840___________

87,312___________Capital Markets – 0.60%The Charles Schwab Corporation 912 34,400E*TRADE Financial Corporation 5,247 213,081GAIN Capital Holdings, Inc. 3,159 20,660Legg Mason, Inc. 3,553 177,046TD Ameritrade Holding Corporation 2,763 108,503___________

553,690___________Chemicals – 0.32%Air Products & Chemicals, Inc. 378 85,269DuPont de Nemours, Inc. 3,581 168,379FMC Corporation 396 36,392___________

290,040___________Commercial Services & Supplies – 0.23%Republic Services, Inc. 1,414 110,773Waste Management, Inc. 956 95,619___________

206,392___________

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Shares Value______ _____Communications Equipment – 0.40%Calix, Inc. (a) 9,246 $ 106,329Ciena Corporation (a) 1,321 61,096Cisco Systems, Inc. 2,486 105,357F5 Networks, Inc. (a) 487 67,819Gilat Satellite Networks Ltd. (a)(b) 845 7,225Lumentum Holdings, Inc. (a) 93 7,525Nokia Oyj – ADR (b) 1,844 6,601Telefonaktiebolaget LM Ericsson – ADR (b) 778 6,582___________

368,534___________Construction & Engineering – 0.24%AECOM (a) 4,869 176,550Jacobs Engineering Group, Inc. 393 32,521SNC-Lavalin Group, Inc. (b) 662 12,208___________

221,279___________

Construction Materials – 0.03%Vulcan Materials Company 227 25,644___________

Consumer Finance – 0.03%Capital One Financial Corporation 359 23,249___________

Containers & Packaging – 0.04%Berry Global Group, Inc. (a) 726 28,887Graphic Packaging Holding Company 525 7,009___________

35,896___________

Diversified Consumer Services – 0.03%ServiceMaster Global Holdings, Inc. (a) 760 25,878___________

Diversified Financial Services – 0.02%FGL Holdings (b) 2,066 21,445___________

Electric Utilities – 1.99%Alliant Energy Corporation 2,444 118,656American Electrical Power Company, Inc. 1,020 84,772Entergy Corporation 527 50,334Evergy, Inc. 8,422 492,097Eversource Energy 1,165 94,015Exelon Corporation 3,280 121,622FirstEnergy Corporation 7,269 299,992Fortum Oyj (b) 611 10,124Iberdrola SA (b) 8 80IDACORP, Inc. 263 24,138

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Shares Value______ _____Electric Utilities – 1.99% (Continued)NextEra Energy, Inc. 1,322 $ 305,541NRG Energy, Inc. 957 32,088PNM Resources, Inc. 1,258 50,936Portland General Electric Company 330 15,441PPL Corporation 661 16,803Xcel Energy, Inc. 1,626 103,349___________

1,819,988___________

Electrical Equipment – 0.95%AMETEK, Inc. 1,909 160,108Eaton Corporation plc 740 61,790nVent Electric plc (b) 374 6,975Rockwell Automation, Inc. 36 6,821Vertiv Holdings Company (a) 59,260 627,564Vestas Wind Systems A/S (b) 77 6,612___________

869,870___________

Electronic Equipment, Instruments & Components – 0.38%Amphenol Corporation, Class A 291 25,684Hitachi Ltd. (b) 4,539 134,715II-VI, Inc. (a) 2,642 90,937SYNNEX Corporation 463 40,540Vishay Intertechnology, Inc. 3,300 54,747___________

346,623___________

Entertainment – 0.35%Activision Blizzard, Inc. 858 54,680Electronic Arts, Inc. (a) 46 5,256Liberty Media Corp-Liberty Formula One, Class C (a) 202 6,503Live Nation Entertainment, Inc. (a) 148 6,641Madison Square Garden Sports Company (a) 228 39,061Madison Square Garden Entertainment Corporation (a) 50 4,135Netflix, Inc. (a) 72 30,229Take-Two Interactive Software, Inc. (a) 163 19,731The Walt Disney Company 62 6,705Zynga, Inc., Class A (a) 19,986 150,695___________

323,636___________

Food & Staples Retailing – 0.09%Casey’s General Stores, Inc. 158 23,923Costco Wholesale Corporation 182 55,146SpartanNash Company 371 6,362___________

85,431___________

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Shares Value______ _____Food Products – 0.73%B&G Foods, Inc. 1,585 $ 30,781Beyond Meat, Inc. (a) 859 85,032Campbell Soup Company 2,098 104,858Conagra Brands, Inc. 2,103 70,324Flowers Foods, Inc. 594 13,234The JM Smucker Company 875 100,546The Kraft Heinz Company 635 19,260Nomad Foods Ltd. (a)(b) 10,560 217,642Sanderson Farms, Inc. 216 29,406___________

671,083___________

Gas Utilities – 0.02%Spire, Inc. 198 14,446___________

Health Care Equipment & Supplies – 0.47%ABIOMED, Inc. (a) 122 23,332Boston Scientific Corporation (a) 1,387 51,985Cardiovascular Systems, Inc. (a) 134 5,628DexCom, Inc. (a) 314 105,253Edwards Lifesciences Corporation (a) 310 67,425GenMark Diagnostics, Inc. (a) 633 7,919Glaukos Corporation (a) 13 477iRhythm Technologies, Inc. (a) 211 22,290Penumbra, Inc. (a) 66 11,703Shockwave Medical, Inc. (a) 65 2,608Silk Road Medical, Inc. (a) 186 7,790STAAR Surgical Company (a) 359 13,757Tactile Systems Technology, Inc. (a) 130 6,710Tandem Diabetes Care, Inc. (a) 134 10,690ViewRay, Inc. (a) 337 701Wright Medical Group NV (a)(b) 2,981 86,807Zimmer Biomet Holdings, Inc. 13 1,556___________

426,631___________

Health Care Providers & Services – 0.07%1Life Healthcare, Inc. (a) 13 321Centene Corporation (a) 264 17,577Humana, Inc. 111 42,382Owens & Minor, Inc. 132 934___________

61,214___________

Health Care Technology – 0.00%iCAD, Inc. (a) 321 3,666___________

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Shares Value______ _____Hotels, Restaurants & Leisure – 1.87%Carrols Restaurant Group, Inc. (a) 602 $ 2,197Cedar Fair LP 7,959 229,538The Cheesecake Factory, Inc. 1,516 33,792Choice Hotels International, Inc. 152 11,408Darden Restaurants, Inc. 112 8,264DraftKings, Inc., Class A (a) 11,727 228,208Eldorado Resorts, Inc. (a) 1,418 30,402Extended Stay America, Inc. 9,168 99,656Hilton Worldwide Holdings, Inc. 4,539 343,648Las Vegas Sands Corporation 2,343 112,511Marriott International, Inc., Class A 132 12,004McDonald’s Corporation 204 38,262Norwegian Cruise Line Holdings Ltd. (a) 1,053 17,269Royal Caribbean Cruises Ltd. 1,907 89,190Six Flags Entertainment Corporation 1,072 21,451Starbucks Corporation 508 38,979The Stars Group, Inc. (a)(b) 4,729 132,223Texas Roadhouse, Inc. 159 7,487Wyndham Destinations, Inc. 2,396 61,266Wynn Resorts Ltd. 1,842 157,546Yum! Brands, Inc. 444 38,375___________

1,713,676___________Household Durables – 0.13%D.R. Horton, Inc. 589 27,813Leggett & Platt, Inc. 1,111 39,030Mohawk Industries, Inc. (a) 124 10,877PulteGroup, Inc. 1,082 30,588Purple Innovation, Inc. (a) 1,321 13,289___________

121,597___________Household Products – 0.16%Kimberly-Clark Corporation 363 50,268The Procter & Gamble Company 811 95,593___________

145,861___________Independent Power and Renewable Electricity Producers – 0.16%The AES Corporation 6,628 87,821Clearway Energy, Inc., Class C 1,724 34,532Vistra Energy Corporation 1,057 20,654___________

143,007___________Industrial Conglomerates – 0.03%Roper Technologies, Inc. 93 31,716___________

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Shares Value______ _____Insurance – 0.42%Argo Group International Holdings Ltd. (b) 874 $ 30,905Genworth Financial, Inc., Class A (a) 1,237 4,490International General Insurance Holdings Ltd. (a)(b) 29,450 195,842Syncora Holdings Ltd. 2,482 807Willis Towers Watson plc (b) 873 155,647___________

387,691___________

Interactive Media & Services – 0.75%Alphabet, Inc., Class A (a) 281 378,423Alphabet, Inc., Class C (a) 62 83,617Facebook, Inc., Class A (a) 131 26,817Pinterest, Inc., Class A (a) 2,238 46,237QuinStreet, Inc. (a) 5,345 54,305Snap, Inc., Class A (a) 4,465 78,629Tencent Holdings Ltd. – ADR (b) 324 17,049___________

685,077___________

Internet & Direct Marketing Retail – 0.87%Alibaba Group Holding Ltd. – ADR (a)(b) 51 10,336Amazon.com, Inc. (a) 97 239,978Booking Holdings, Inc. (a) 103 152,499Farfetch Ltd., Class A (a)(b) 5,280 69,907Grubhub, Inc. (a) 218 10,418JD.com, Inc. – ADR (a)(b) 53 2,284Prosus NV (a)(b) 3,242 245,780The RealReal, Inc. (a) 2,314 27,166Stamps.com, Inc. (a) 198 31,338Stitch Fix, Inc., Class A (a) 396 6,356___________

796,062___________

IT Services – 0.37%Accenture plc, Class A (b) 742 137,411Akamai Technologies, Inc. (a) 106 10,357Leidos Holdings, Inc. 205 20,256LiveRamp Holdings, Inc. (a) 2,779 105,213MongoDB, Inc. (a) 29 4,702PayPal Holdings, Inc. (a) 190 23,370Shopify, Inc., Class A (a)(b) 11 6,955Twilio, Inc., Class A (a) 23 2,583Unisys Corporation (a) 2,374 29,889___________

340,736___________

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Shares Value______ _____Leisure Products – 0.03%Old PSG Wind-Down Ltd. (a)(b)(h) 2,127 $ 202Peloton Interactive, Inc., Class A (a) 991 31,217___________

31,419___________

Life Sciences Tools & Services – 0.87%Adaptive Biotechnologies Corporation (a) 196 6,274Fluidigm Corporation (a) 433 970NanoString Technologies, Inc. (a) 299 9,496Pacific Biosciences of California, Inc. (a) 46,671 154,248PPD, Inc. (a) 1,002 23,948QIAGEN NV (a)(b) 13,779 574,446Repligen Corporation (a)(b) 257 29,851___________

799,233___________

Machinery – 0.96%AGCO Corporation 24 1,268Colfax Corporation (a) 2,042 52,663Cummins, Inc. 365 59,677Daifuku Co Ltd. (b) 1,048 73,340Dover Corporation 2,747 257,257FANUC Corporation (b) 762 126,604Fortive Corporation 589 37,696Illinois Tool Works, Inc. 271 44,037ITT, Inc. 658 34,690Otis Worldwide Corporation (a) 871 44,343Parker-Hannifin Corporation 669 105,782Rexnord Corporation 783 21,352The Timken Company 438 16,460___________

875,169___________

Marine – 0.20%AP Moller – Maersk A/S, Class B (b) 185 184,122___________

Media – 0.35%Charter Communications, Inc., Class A (a) 121 59,923comScore, Inc. (a) 58,292 168,464Discovery, Inc., Class A (a) 330 7,398Nexstar Media Group, Inc., Class A 628 43,985Omnicom Group, Inc. 381 21,728TEGNA, Inc. 1,347 14,440___________

315,938___________

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Shares Value______ _____Metals & Mining – 0.63%Constellium SE (a)(b) 520 $ 4,035Freeport-McMoRan, Inc. 31,983 282,410Nucor Corporation 117 4,819Rio Tinto plc – ADR (b) 6,257 289,011___________

580,275___________

Multiline Retail – 0.22%Dollar General Corporation 198 34,709Dollar Tree, Inc. (a) 1,695 135,041Ollie’s Bargain Outlet Holdings, Inc. (a) 447 30,356___________

200,106___________

Multi-Utilities – 0.31%Black Hills Corporation 495 30,660CenterPoint Energy, Inc. 4,651 79,207CMS Energy Corporation 745 42,532Engie SA (a)(b) 348 3,776NiSource, Inc. 3,277 82,285RWE AG (a)(b) 447 12,859Sempra Energy 266 32,944___________

284,263___________

Oil, Gas & Consumable Fuels – 2.46%Apache Corporation 13,298 173,938Ardmore Shipping Corporation (b) 2,632 17,319Cheniere Energy, Inc. (a) 4,369 203,989CNX Resources Corporation (a) 9,940 105,364Concho Resources, Inc. 2,931 166,246ConocoPhillips 3,219 135,520Delek US Holdings, Inc. 635 14,827EQT Corporation (a) 10,173 148,424Golar LNG Ltd. (a)(b) 901 6,388Hess Corporation 2,613 127,096HollyFrontier Corporation 1,397 46,157Marathon Petroleum Corporation 1,026 32,914Noble Energy, Inc. 18,647 182,927Nordic American Tankers Ltd. (b) 2,369 14,261Parsley Energy, Inc., Class A 18,660 176,337PBF Energy, Inc. , Class A (a) 1,270 14,478PDC Energy, Inc. (a) 13,460 174,845Pioneer Natural Resources Company 1,853 165,491SM Energy Company 27,255 110,383

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Shares Value______ _____Oil, Gas & Consumable Fuels – 2.46% (Continued)Valero Energy Corporation 508 $ 32,182WPX Energy, Inc. (a) 33,966 208,212___________

2,257,298___________

Paper & Forest Products – 0.01%Louisiana-Pacific Corporation 531 10,620___________

Personal Products – 0.05%Edgewell Personal Care Company (a) 1,706 47,103___________

Pharmaceuticals – 1.78%Aerie Pharmaceuticals, Inc. (a) 134 2,042Allergan plc 6,913 1,295,081AstraZeneca plc – ADR (b) 1,548 80,929Bristol Myers-Squibb Company 1,636 99,485Cara Therapeutics, Inc. (a) 238 3,527Fulcrum Therapeutics, Inc. (a) 11 139GW Pharmaceuticals plc – ADR (a)(b) 244 24,434Horizon Therapeutics plc (a) 66 2,379Intersect ENT, Inc. (a) 647 7,428Intra-Cellular Therapies, Inc. (a) 291 5,142Merck & Company, Inc. 330 26,182Mylan NV (a) 817 13,701MyoKardia, Inc. (a) 30 1,885Novartis AG – ADR (b) 324 27,453TherapeuticsMD, Inc. (a) 2,004 3,166Reata Pharmaceuticals, Inc., Class A (a) 194 30,683Relmada Therapeutics, Inc. (a) 93 3,902Zogenix, Inc. (a) 272 7,679___________

1,635,237___________

Professional Services – 0.01%Teleperformance (a)(b) 44 9,856___________

Real Estate Investment Trusts (REITs) – 5.24%Agree Realty Corporation 2,437 158,673American Campus Communities, Inc. 4,656 164,310Americold Realty Trust 6,003 183,632Apartment Investment & Management Company, Class A 1,433 53,981Boston Properties, Inc. 3,830 372,199Brandywine Realty Trust 4,380 48,881Brixmor Property Group, Inc. 10,026 114,798

16




Shares Value______ _____Real Estate Investment Trusts (REITs) – 5.24% (Continued)Duke Realty Corporation 505 $ 17,524First Industrial Realty Trust, Inc. 2,548 96,238Gaming and Leisure Properties, Inc. 2,843 80,286Healthcare Trust of America, Inc., Class A 6,205 152,829Highwoods Properties, Inc. 4,266 165,564Hudson Pacific Properties, Inc. 4,437 109,061Innovative Industrial Properties, Inc. 3,185 249,895Invitation Homes, Inc. 9,834 232,574Kimco Realty Corporation 12,367 134,924Jernigan Capital, Inc. 10,879 143,603National Health Investors, Inc. 4,106 226,076Omega Healthcare Investors, Inc. 6,584 191,924Outfront Media, Inc. 3,816 59,873Physicians Realty Trust 11,103 171,208Piedmont Office Realty Trust, Inc., Class A 15,260 264,761Realty Income Corporation 3,886 213,419Retail Opportunity Investments Corporation (a) 15,000 145,575Rexford Industrial Realty, Inc. 4,844 197,248Sabra Health Care REIT, Inc. 8,378 107,406VICI Properties, Inc. 27,409 477,465Welltower, Inc. 5,292 271,109___________

4,805,036___________

Road & Rail – 0.99%Canadian National Railway Company (b) 2,839 235,268Covenant Transportation Group, Inc., Class A (a) 8,249 73,251CSX Corporation 2,736 181,205Knight-Swift Transportation Holdings, Inc. 6,454 239,960Lyft, Inc., Class A (a) 353 11,589Norfolk Southern Corporation 851 145,606Ryder System, Inc. 266 9,416Uber Technologies, Inc. (a) 332 10,050US Xpress Enterprises, Inc., Class A (a) 324 1,413___________

907,758___________

Semiconductors & Semiconductor Equipment – 1.53%Advanced Micro Devices, Inc. (a) 929 48,670Ambarella, Inc. (a) 1,280 67,302Applied Materials, Inc. 528 26,231ASML Holding NV – ADR (b) 577 166,424Inphi Corporation (a) 198 19,115Intel Corporation 1,063 63,759

17




Shares Value______ _____Semiconductors & Semiconductor Equipment – 1.53% (Continued)Lam Research Corporation 488 $ 124,577Lattice Semiconductor Corporation (a) 168 3,782MACOM Technology Solutions Holdings, Inc. (a) 3,925 120,340Marvell Technology Group Ltd. (b) 347 9,279Microchip Technology, Inc. 658 57,726Micron Technology, Inc. (a) 7,439 356,254NVIDIA Corporation 633 185,013NXP Semiconductors NV (b) 673 67,011Qorvo, Inc. (a) 62 6,078QUALCOMM, Inc. 603 47,438Skyworks Solutions, Inc. 330 34,280___________

1,403,279___________Software – 3.12%2U, Inc. (a) 7,039 167,176Adobe, Inc. (a) 795 281,144Alteryx, Inc., Class A (a) 132 14,940Anaplan, Inc. (a) 198 8,090Atlassian Corporation plc, Class A (a)(b) 336 52,245Avaya Holdings Corporation (a) 67,103 667,004Box, Inc., Class A (a) 6,466 104,361Cadence Design Systems, Inc. (a) 793 64,336Citrix Systems, Inc. 234 33,932CommVault Systems, Inc. (a) 2,114 90,247Crowdstrike Holdings, Inc., Class A (a) 1,287 87,078CyberArk Software Ltd. (a)(b) 132 13,036Datadog, Inc., Class A (a) 999 45,075The Descartes Systems Group, Inc. (a)(b) 258 10,857Everbridge, Inc. (a) 495 55,133FireEye, Inc. (a) 5,465 62,902Fortinet, Inc. (a) 746 80,374Microsoft Corporation 2,346 420,427Mimecast Ltd. (a) 1,319 53,947NortonLifeLock, Inc. 1,344 28,587Nutanix, Inc., Class A (a) 1,280 26,227Oracle Corporation 1,043 55,248Palo Alto Networks, Inc. (a) 249 48,931RingCentral, Inc., Class A (a) 264 60,332SailPoint Technologies Holdings, Inc. (a) 955 17,753salesforce.com, Inc. (a) 385 62,351ServiceNow, Inc. (a) 269 94,564Smartsheet, Inc., Class A (a) 269 14,182

18




Shares Value______ _____Software – 3.12% (Continued)Splunk, Inc. (a) 319 $ 44,775SVMK, Inc. (a) 494 7,756Verint Systems, Inc. (a) 1,346 57,528Zscaler, Inc. (a) 469 31,460___________

2,861,998___________

Special Purpose Acquisition Vehicle – 0.39%Churchill Capital Corporation III (a) 10,320 104,748CITIC Capital Acquisition Corporation (a)(b) 1,066 10,766dMY Technology Group, Inc. (a) 996 10,080Flying Eagle Acquisition Corporation (a) 995 10,338Legacy Acquisition Corporation, Class A (a) 3,297 34,289Social Capital Hedosophia Holdings Corporation II (a) 6,520 66,439Social Capital Hedosophia Holdings Corporation III (a) 7,216 73,170Far Point Acquisition Corporation, Class A (a) 1,157 11,790Pure Acquisition Corporation (a) 3,629 38,032___________

359,652___________

Specialty Retail – 0.39%American Eagle Outfitters, Inc. 4,098 32,579Best Buy Company, Inc. 460 35,296Burlington Stores, Inc. (a) 57 10,413The Home Depot, Inc. 290 63,751L Brands, Inc. 264 3,139Lowe’s Companies, Inc. 824 86,314O’Reilly Automotive, Inc. (a) 46 17,772Ross Stores, Inc. 112 10,232Tiffany & Company 551 69,702The TJX Companies, Inc. 488 23,936___________

353,134___________

Technology Hardware, Storage & Peripherals – 0.37%Apple, Inc. 946 277,935Dell Technologies, Inc., Class C (a) 451 19,253HP, Inc. 2,974 46,127___________

343,315___________

Textiles, Apparel & Luxury Goods – 0.13%Capri Holdings Ltd. (a)(b) 925 14,106NIKE, Inc., Class B 685 59,718Skechers U.S.A., Inc., Class A (a) 1,520 42,834___________

116,658___________

19




Shares Value______ _____Trading Companies & Distributors – 0.38%AerCap Holdings NV (a)(b) 1,545 $ 43,445Fastenal Company 532 19,269GATX Corporation 772 45,780W.W. Grainger, Inc. 49 13,504WESCO International, Inc. (a) 8,630 223,258___________

345,256___________

Water Utilities – 0.11%American Water Works Company, Inc. 846 102,950___________

Wireless Communication Services – 0.01%NII Holdings, Inc. (a)(b)(h) 6,235 13,405___________

Wireless Telecommunication Services – 0.05%T-Mobile U.S., Inc. (a) 494 43,373___________Total Long Common Stocks(Cost $30,587,870) 32,347,882___________

LONG PRIVATE PLACEMENT – 0.11%IGIC Escrow (a)(g) 15,160 100,814___________Total Long Private Investment(Cost $154,632) 100,814___________

LONG EXCHANGE TRADED FUNDS – 37.98%Energy Select Sector SPDR Fund 894 33,972Financial Select Sector SPDR Fund 3,058 69,692Health Care Select Sector SPDR Fund 198 19,747Industrial Select Sector SPDR Fund 2,585 165,983Invesco QQQ Trust Series 1 397 86,907iShares iBoxx High Yield Corporate Bond ETF 197,929 15,919,429iShares iBoxx $ Investment Grade Corporate Bond ETF (c) 131,528 16,989,472iShares MSCI China ETF 264 15,835iShares MSCI Emerging Markets ETF 30 1,099iShares Nasdaq Biotechnology ETF 1,415 175,460iShares North American Tech-Software ETF 40 9,635iShares Russell 2000 ETF 762 99,296iShares Russell 2000 Value ETF 972 89,725iShares Transportation Average ETF 127 19,040iShares U.S. Home Construction ETF 2,205 80,527ProShares VIX Short-Term Futures ETF (a) 580 18,021SPDR S&P 500 ETF Trust 3,242 941,736

20




Shares Value______ _____LONG EXCHANGE TRADED FUNDS – 37.98% (Continued)SPDR S&P Metals & Mining ETF 538 $ 10,399SPDR S&P Regional Banking ETF 247 9,418SPDR S&P Retail ETF 459 16,836VanEck Vectors Semiconductor ETF 352 47,073___________Total Long Exchange Traded Funds(Cost $34,545,438) 34,819,302___________

LONG PREFERRED STOCKS – 0.27%Volkswagen AG (a)(b) 1,806 251,272___________Total Long Preferred Stocks(Cost $227,721) 251,272___________

LONG RIGHTS – 0.02%Bristol-Myers Squibb Company (a) 2,877 12,975Pan American Silver Corporation (a)(b) 2,074 996___________Total Long Rights(Cost $11,199) 13,971___________

LONG WARRANTS – 0.01%International General Insurance Holdings Ltd. (a) 29,450 11,780Valeritas Holdings, Inc. (a)(b)(h) 1,688 —___________Total Long Warrants(Cost $28,768) 11,780___________

NotionalPURCHASED OPTIONS (a) – 0.05% Contracts (d) Amount___________ _________Purchased Call Options – 0.02%Arista Networks, Inc.Expiration: May 2020, Exercise Price: $225.00 1 $ 21,930 82DXC Technology CompanyExpiration: June 2020, Exercise Price: $32.00 3 5,439 22FedEx CorporationExpiration: May 2020, Exercise Price: $127.00 1 12,677 73Green Plains, Inc.Expiration: June 2020, Exercise Price: $7.00 51 29,937 2,703The Hartford Financial Services Group, Inc.Expiration: June 2020, Exercise Price: $65.00 5 18,995 87MGM Resorts InternationalExpiration: May 2020, Exercise Price: $17.50 19 31,977 703Microsoft CorporationExpiration: May 2020, Exercise Price: $180.00 1 17,921 91

21




NotionalContracts (d) Amount Value___________ _________ _____

Purchased Call Options – 0.02% (Continued)Nordic American Tankers Ltd.Expiration: May 2020, Exercise Price: $8.00 13 $ 7,826 $ 422nVent Electric plcExpiration: August 2020, Exercise Price: $20.00 13 24,245 1,105Silgan Holdings, Inc.Expiration: June 2020, Exercise Price: $40.00 3 10,350 150Southwest Airlines CompanyExpiration: May 2020, Exercise Price: $32.00 2 6,250 55SPDR S&P Oil & Gas Exploration & Production ETFExpiration: June 2020, Exercise Price: $16.00 30 163,080 1,110United States 12 Month Oil Fund LPExpiration: July 2020, Exercise Price: $12.00 69 73,554 6,383United States Natural Gas Fund LPExpiration: October 2020, Exercise Price: $16.00 13 17,433 1,931WisdomTree Investments, Inc.Expiration: June 2020, Exercise Price: $5.00 127 41,148 318Wynn Resorts Ltd.Expiration: June 2020, Exercise Price: $90.00 3 25,659 2,288___________

17,523___________Purchased Put Options – 0.03%CBOE Volatility IndexExpiration: June 2020, Exercise Price: $30.00 13 44,395 4,290CenterPoint Energy, Inc.Expiration: May 2020, Exercise Price: $15.00 52 88,556 1,690General Electric CompanyExpiration: June 2020, Exercise Price: $6.00 26 17,680 715iShares 20+ Year Treasury Bond ETFExpiration: June 2020, Exercise Price: $150.00 9 150,066 383iShares Russell 2000 ETFExpiration: May 2020, Exercise Price: $128.00 1 13,031 367Lam Research CorporationExpiration: May 2020, Exercise Price: $250.00 3 76,584 2,685Expiration: May 2020, Exercise Price: $260.00 3 76,584 4,161MGM Resorts InternationalExpiration: May 2020, Exercise Price: $13.50 2 3,366 63Expiration: May 2020, Exercise Price: $16.00 17 28,611 1,657Penn National Gaming, Inc.Expiration: May 2020, Exercise Price: $14.00 14 24,948 630Expiration: May 2020, Exercise Price: $17.00 10 17,820 1,275Expiration: June 2020, Exercise Price: $14.00 7 12,474 875

22




NotionalContracts (d) Amount Value___________ _________ _____

Purchased Put Options – 0.03% (Continued)SeaWorld Entertainment, Inc.Expiration: May 2020, Exercise Price: $13.50 10 $ 14,690 $ 850Expiration: May 2020, Exercise Price: $15.00 14 20,566 2,345SPDR S&P 500 ETF TrustExpiration: May 2020, Exercise Price: $270.00 13 377,624 3,088Expiration: May 2020, Exercise Price: $270.00 6 174,288 2,076___________

27,150___________Total Purchased Options(Cost $60,227) 44,673___________

LONG SHORT-TERM INVESTMENTS – 20.90% Shares______Fidelity Investments Money Market Funds Government Portfolio,Institutional Class, 0.16% (e) 19,157,907 19,157,907___________Total Long Short-Term Investments(Cost $19,157,907) 19,157,907___________Total Long Investments(Cost $84,773,762) – 94.63% 86,747,601___________

SECURITIES SOLD SHORT (f) – (33.41)%SHORT COMMON STOCKS – (27.11)%Aerospace & Defense – (0.38)%The Boeing Company (163) (22,986)General Dynamics Corporation (98) (12,801)HEICO Corporation (212) (18,571)Howmet Aerospace, Inc. (5,172) (67,598)MTU Aero Engines AG (b) (38) (5,175)Northrop Grumman Corporation (160) (52,907)Raytheon Technologies Corporation (2,312) (149,841)TransDigm Group, Inc. (44) (15,975)___________

(345,854)___________

Air Freight & Logistics – (0.50)%DSV Panalpina A/S (b) (183) (19,014)Expeditors International of Washington, Inc. (2,205) (157,889)FedEx Corporation (1,636) (207,396)United Parcel Service, Inc., Class B (808) (76,485)___________

(460,784)___________

23




Shares Value______ _____Airlines – (0.29)%American Airlines Group, Inc. (22,382) $ (268,808)___________

Auto Components – (0.07)%Autoliv, Inc. (b) (99) (5,942)Lear Corporation (569) (55,563)___________

(61,505)___________Automobiles – (0.22)%Daimler AG – ADR (b) (1,303) (44,567)Ferrari NV – ADR (b) (86) (13,383)Ford Motor Company (1,653) (8,414)General Motors Company (304) (6,776)Harley-Davidson, Inc. (1,652) (36,063)Tesla, Inc. (95) (74,279)Thor Industries, Inc. (332) (21,978)___________

(205,460)___________Beverages – (0.65)%Anheuser-Busch InBev SA/NV – ADR (b) (4,731) (220,086)Brown-Forman Corporation, Class B (1,427) (88,760)The Coca-Cola Company (717) (32,903)Coca-Cola European Partners plc (b) (385) (15,261)Heineken NV (b) (2,111) (179,562)Monster Beverage Corporation (991) (61,254)National Beverage Corporation (7) (352)___________

(598,178)___________Biotechnology – (0.64)%AbbVie, Inc. (5,468) (449,470)Alnylam Pharmaceuticals, Inc. (52) (6,848)Amgen, Inc. (396) (94,731)Black Diamond Therapeutics, Inc. (25) (926)Denali Therapeutics, Inc. (660) (14,428)Gilead Sciences, Inc. (66) (5,544)Moderna, Inc. (288) (13,245)___________

(585,192)___________Building Products – (0.31)%Allegion plc (b) (351) (35,290)Apogee Enterprises, Inc. (42) (858)Armstrong World Industries, Inc. (284) (21,891)Fortune Brands Home & Security, Inc. (127) (6,121)JELD-WEN Holding, Inc. (49) (622)Johnson Controls International plc (504) (14,671)

24




Shares Value______ _____Building Products – (0.31)% (Continued)Lennox International, Inc. (1,045) $ (195,081)Trane Technologies plc (b) (133) (11,627)___________

(286,161)___________Capital Markets – (0.67)%The Carlyle Group, Inc. (3,437) (80,563)The Charles Schwab Corporation (2,959) (111,614)Daiwa Securities Group, Inc. (b) (9,900) (41,168)KKR & Company, Inc., Class A (6,141) (154,815)Morgan Stanley (5,614) (221,360)___________

(609,520)___________Chemicals – (0.43)%Axalta Coating Systems Ltd. (b) (743) (14,667)BASF SE (b) (2,538) (129,887)CF Industries Holdings, Inc. (923) (25,382)Dow, Inc. (987) (36,213)Ecolab, Inc. (76) (14,706)International Flavors & Fragrances, Inc. (1,095) (143,478)LyondellBasell Industries NV, Class A (21) (1,217)RPM International, Inc. (410) (27,228)___________

(392,778)___________Commercial Services & Supplies – (0.66)%ADT, Inc. (88) (504)Advanced Disposal Services, Inc. (8,828) (284,703)Casella Waste Systems, Inc., Class A (2,317) (107,463)Deluxe Corporation (713) (20,085)IAA, Inc. (1,358) (52,419)Interface, Inc. (42) (388)Waste Connections, Inc. (1,570) (134,879)___________

(600,441)___________Communications Equipment – (0.51)%Acacia Communications, Inc. (4,061) (274,889)Arista Networks, Inc. (330) (72,369)Lumentum Holdings, Inc. (452) (36,572)Telefonaktiebolaget LM Ericsson, Class B (b) (9,909) (84,654)___________

(468,484)___________Construction Materials – (0.08)%Cemex SAB de CV – ADR (b) (551) (1,168)Eagle Materials, Inc. (259) (15,802)Martin Marietta Materials, Inc. (271) (51,552)___________

(68,522)___________

25




Shares Value______ _____Containers & Packaging – (0.03)%Amcor plc (b) (584) $ (5,238)Greif, Inc., Class A (132) (4,474)Sealed Air Corporation (148) (4,231)Silgan Holdings, Inc. (367) (12,662)___________

(26,605)___________

Distributors – (0.01)%Pool Corporation (40) (8,466)___________

Electric Utilities – (0.64)%Avangrid, Inc. (2,387) (102,641)Duke Energy Corporation (3,438) (291,061)Hawaiian Electric Industries, Inc. (2,287) (90,268)OGE Energy Corporation (462) (14,562)The Southern Company (1,525) (86,513)___________

(585,045)___________

Electrical Equipment – (0.06)%Acuity Brands, Inc. (26) (2,252)Hubbell, Inc. (12) (1,493)Rockwell Automation, Inc. (284) (53,812)___________

(57,557)___________

Electronic Equipment, Instruments & Components – (0.10)%TE Connectivity Ltd. (b) (663) (48,704)Zebra Technologies Corporation (198) (45,473)___________

(94,177)___________

Energy Equipment & Services – (0.23)%Baker Hughes, Inc. (2,095) (29,225)Halliburton Company (4,364) (45,822)Helmerich & Payne, Inc. (1,682) (33,253)National Oilwell Varco, Inc. (2,062) (26,064)Patterson-UTI Energy, Inc. (9,261) (34,173)ProPetro Holding Corporation (737) (3,125)Schlumberger Ltd. (2,056) (34,582)Tenaris SA – ADR (b) (571) (7,811)U.S. Silica Holdings, Inc. (397) (762)___________

(214,817)___________

Entertainment – (0.27)%Electronic Arts, Inc. (655) (74,840)Netflix, Inc. (129) (54,161)Roku, Inc. (772) (93,590)

26




Shares Value______ _____Entertainment – (0.27)% (Continued)The Walt Disney Company (199) $ (21,522)___________

(244,113)___________

Food & Staples Retailing – (0.32)%The Kroger Company (1,910) (60,375)Sprouts Farmers Market, Inc. (3,435) (71,379)Sysco Corporation (793) (44,622)United Natural Foods, Inc. (4,889) (52,019)Wal-Mart Stores, Inc. (556) (67,582)___________

(295,977)___________

Food Products – (0.31)%General Mills, Inc. (1,496) (89,596)The Hershey Company (81) (10,727)Hormel Foods Corporation (1,504) (70,462)Ingredion, Inc. (347) (28,176)McCormick & Company, Inc. (267) (41,876)Mondelez International, Inc., Class A (480) (24,691)Tyson Foods, Inc., Class A (309) (19,217)___________

(284,745)___________

Gas Utilities – (0.12)%Southwest Gas Holdings, Inc. (1,409) (106,802)___________

Health Care Equipment & Supplies – (0.67)%Align Technology, Inc. (287) (61,662)Baxter International, Inc. (324) (28,765)Becton, Dickinson and Company (162) (40,910)Boston Scientific Corporation (5,119) (191,860)Medtronic plc (b) (397) (38,759)Nevro Corporation (544) (63,996)NuVasive, Inc. (751) (45,721)STERIS plc (198) (28,215)Stryker Corporation (623) (116,146)___________

(616,034)___________

Health Care Providers & Services – (0.60)%HCA Holdings, Inc. (515) (56,588)HealthEquity, Inc. (2,861) (160,988)Henry Schein, Inc. (3,566) (194,561)Quest Diagnostics, Inc. (198) (21,802)UnitedHealth Group, Inc. (404) (118,158)___________

(552,097)___________

27




Shares Value______ _____Health Care Technology – (0.15)%Cerner Corporation (2,018) $ (140,029)___________

Hotels, Restaurants & Leisure – (1.33)%Bloomin’ Brands, Inc. (408) (4,916)Brinker International, Inc. (1) (23)Carnival Corporation (6,071) (96,529)The Cheesecake Factory, Inc. (166) (3,700)Chipotle Mexican Grill, Inc. (217) (190,645)Cracker Barrel Old Country Store, Inc. (524) (51,038)Dine Brands Global, Inc. (159) (7,058)Domino’s Pizza, Inc. (150) (54,290)Hilton Grand Vacations, Inc. (1,990) (40,994)Hyatt Hotels Corporation, Class A (3,617) (203,493)Marriott International, Inc., Class A (483) (43,924)Marriott Vacations Worldwide Corporation (595) (49,385)MGM Resorts International (8,714) (146,657)Norwegian Cruise Line Holdings Ltd. (174) (2,854)Penn National Gaming, Inc. (2,365) (42,144)Planet Fitness, Inc., Class A (79) (4,766)Royal Caribbean Cruises Ltd. (51) (2,385)Ruth’s Hospitality Group, Inc. (793) (8,925)SeaWorld Entertainment, Inc. (8,715) (128,023)Shake Shack, Inc., Class A (159) (8,667)Starbucks Corporation (397) (30,462)Texas Roadhouse, Inc. (1,409) (66,350)Wingstop, Inc. (264) (30,959)___________

(1,218,187)___________

Household Durables – (0.10)%KB Home (330) (8,659)Lennar Corporation, Class A (919) (46,014)Mohawk Industries, Inc. (223) (19,562)TopBuild Corporation (52) (4,846)Whirlpool Corporation (146) (16,314)___________

(95,395)___________

Household Products – (0.08)%Church & Dwight Company, Inc. (615) (43,044)Energizer Holdings, Inc. (318) (12,389)WD-40 Company (90) (15,685)___________

(71,118)___________

28




Shares Value______ _____Independent Power and Renewable Electricity Producers – (0.05)%NextEra Energy Partners LP (755) $ (37,969)Uniper SE (b) (418) (11,245)___________

(49,214)___________Industrial Conglomerates – (0.12)%3M Company (363) (55,147)General Electric Company (2,575) (17,510)Honeywell International, Inc. (233) (33,063)Roper Technologies, Inc. (14) (4,774)___________

(110,494)___________Insurance – (0.43)%The Allstate Corporation (1,242) (126,336)Aon plc (b) (943) (162,828)Chubb Ltd. (b) (531) (57,353)Fidelity National Financial, Inc. (211) (5,708)The Travelers Companies, Inc. (409) (41,395)___________

(393,620)___________Interactive Media & Services – (0.22)%Cargurus, Inc. (242) (5,537)Facebook, Inc., Class A (89) (18,219)Twitter, Inc. (5,637) (161,669)Yelp, Inc. (661) (14,774)___________

(200,199)___________Internet & Direct Marketing Retail – (0.16)%Chewy, Inc., Class A (255) (11,026)Expedia Group, Inc. (1,823) (129,397)The RealReal, Inc. (664) (7,795)___________

(148,218)___________IT Services – (0.42)%Accenture plc, Class A (b) (212) (39,260)Cognizant Technology Solutions Corporation, Class A (1,347) (78,153)Fastly, Inc. (1,323) (28,643)Global Payments, Inc. (112) (18,594)International Business Machines Corporation (1,732) (217,470)___________

(382,120)___________Life Sciences Tools & Services – (0.14)%Agilent Technologies, Inc. (247) (18,935)Evotec SE (b) (13) (321)Thermo Fisher Scientific, Inc. (330) (110,444)___________

(129,700)___________

29




Shares Value______ _____Machinery – (0.90)%AGCO Corporation (399) $ (21,083)Allison Transmission Holdings, Inc. (437) (15,881)Altra Industrial Motion Corporation (233) (6,503)Caterpillar, Inc. (1,020) (118,708)Deere & Company (510) (73,981)Donaldson Company, Inc. (11) (482)Graco, Inc. (608) (27,153)IDEX Corporation (469) (72,052)Illinois Tool Works, Inc. (487) (79,138)Ingersoll Rand, Inc. (1,213) (35,274)Kennametal, Inc. (765) (19,592)Lincoln Electric Holdings, Inc. (178) (14,331)Navistar International Corporation (1,524) (36,226)Nordson Corporation (206) (33,147)PACCAR, Inc. (705) (48,807)Stanley Black & Decker, Inc. (215) (23,693)Wabtec Corporation (127) (7,165)Xylem, Inc. (2,666) (191,685)___________

(824,901)___________

Marine – (0.01)%Star Bulk Carriers Corporation (b) (1,223) (6,934)___________

Media – (0.85)%Altice USA, Inc., Class A (268) (6,960)AMC Networks, Inc., Class A (1,321) (31,506)Charter Communications, Inc., Class A (6) (2,971)Comcast Corporation, Class A (5,016) (188,752)Discovery, Inc. (102) (2,287)Fox Corporation, Class B (6,122) (158,376)The Interpublic Group of Companies, Inc. (1,774) (30,123)Meredith Corporation (1,043) (15,468)MSG Networks, Inc., Class A (1,761) (20,921)National CineMedia, Inc. (1,652) (5,452)Omnicom Group, Inc. (5,078) (289,598)Sinclair Broadcast Group, Inc., Class A (925) (16,326)ViacomCBS, Inc., Class B (766) (13,221)___________

(781,961)___________

Multiline Retail – (0.13)%Dollar General Corporation (497) (87,124)Kohl’s Corporation (688) (12,700)

30




Shares Value______ _____Multiline Retail – (0.13)% (Continued)Macy’s, Inc. (1,910) $ (11,193)Nordstrom, Inc. (637) (11,963)___________

(122,980)___________

Multi-Utilities – (0.81)%Ameren Corporation (2,907) (211,484)Avista Corporation (1,188) (51,132)CMS Energy Corporation (2,550) (145,579)Consolidated Edison, Inc. (780) (61,464)Dominion Resources, Inc. (1,473) (113,612)National Grid plc – ADR (b) (528) (30,920)NorthWestern Corporation (264) (15,230)Public Service Enterprise Group, Inc. (2,226) (112,880)___________

(742,301)___________

Oil, Gas & Consumable Fuels – (1.93)%Antero Resources Corporation (10,894) (32,464)BP plc – ADR (b) (2,609) (62,094)Cabot Oil & Gas Corporation (5,509) (119,105)Chesapeake Energy Corporation (191) (3,343)Chevron Corporation (276) (25,392)Cimarex Energy Company (4,746) (120,643)Continental Resources, Inc. (11,518) (188,780)Devon Energy Corporation (14,449) (180,179)Diamondback Energy, Inc. (3,309) (144,074)EOG Resources, Inc. (3,525) (167,473)Exxon Mobil Corporation (705) (32,761)Marathon Oil Corporation (34,082) (208,582)Matador Resources Company (4,445) (31,293)Murphy Oil Corporation (17,305) (205,237)Occidental Petroleum Corporation (8,086) (134,228)Ovintiv, Inc. (2,540) (16,078)Range Resources Corporation (14,203) (82,803)Southwestern Energy Company (4,812) (15,543)___________

(1,770,072)___________

Personal Products – (0.07)%Beiersdorf AG (b) (607) (63,510)BellRing Brands, Inc., Class A (253) (4,435)___________

(67,945)___________

31




Shares Value______ _____Pharmaceuticals – (0.12)%Eli Lilly & Company (336) $ (51,959)Pfizer, Inc. (630) (24,167)Roche Holding AG – ADR (264) (11,476)Zoetis, Inc. (159) (20,560)___________

(108,162)___________

Real Estate Investment Trusts (REITs) – (4.79)%Acadia Realty Trust (6,145) (76,136)American Homes 4 Rent, Class A (8,315) (200,724)Camden Property Trust (2,874) (253,113)CareTrust REIT, Inc. (2,858) (47,100)Cousins Properties, Inc. (2,353) (70,990)Douglas Emmett, Inc. (2,661) (81,134)Extra Space Storage, Inc. (1,702) (150,184)Federal Realty Investment Trust (3,150) (262,300)Four Corners Property Trust, Inc. (629) (14,083)Franklin Street Properties Corporation (34,056) (185,265)Gaming and Leisure Properties, Inc. (6,369) (179,860)Healthcare Realty Trust, Inc. (13,056) (383,716)Healthpeak Properties, Inc. (1,006) (26,297)Host Hotels & Resorts, Inc. (1,383) (17,025)Industrial Logistics Properties Trust (1,999) (37,361)Kilroy Realty Corporation (2,335) (145,377)Kite Realty Group Trust (14,664) (150,013)Lamar Advertising Company, Class A (408) (23,521)Lexington Realty Trust (18,797) (196,429)LTC Properties, Inc. (9,465) (336,954)Medical Properties Trust, Inc. (8,526) (146,136)National Retail Properties, Inc. (3,686) (120,311)Prologis, Inc. (1,051) (93,781)SL Green Realty Corporation (2,042) (108,328)Tanger Factory Outlet Centers, Inc. (4,407) (33,141)Taubman Centers, Inc. (6,062) (261,272)Terreno Realty Corporation (3,585) (196,530)Vornado Realty Trust (9,052) (396,659)Washington Real Estate Investment Trust (7,846) (182,969)Weyerhaeuser Company (543) (11,875)___________

(4,388,584)___________

Real Estate Management & Development – (0.01)%Realogy Holdings Corporation (1,226) (5,321)___________

32




Shares Value______ _____Road & Rail – (1.68)%Canadian Pacific Railway Ltd. (b) (1,148) $ (260,975)East Japan Railway Company (b) (997) (72,801)Heartland Express, Inc. (1,718) (33,656)J.B. Hunt Transport Services, Inc. (3,533) (357,257)Kansas City Southern (600) (78,330)Norfolk Southern Corporation (101) (17,281)Old Dominion Freight Line, Inc. (487) (70,756)Saia, Inc. (348) (32,197)Schneider National, Inc., Class B (6,642) (145,526)Uber Technologies, Inc. (120) (3,632)Union Pacific Corporation (267) (42,664)Werner Enterprises, Inc. (10,658) (427,599)___________

(1,542,674)___________

Semiconductors & Semiconductor Equipment – (0.62)%Advanced Micro Devices, Inc. (3,175) (166,338)Analog Devices, Inc. (80) (8,768)Applied Materials, Inc. (1,006) (49,978)Qorvo, Inc. (701) (68,719)Texas Instruments, Inc. (2,367) (274,738)___________

(568,541)___________

Software – (2.27)%Appian Corporation (224) (10,230)Aspen Technology, Inc. (132) (13,497)Autodesk, Inc. (260) (48,654)BlackLine, Inc. (245) (14,881)Check Point Software Technologies Ltd. (b) (541) (57,205)DocuSign, Inc. (74) (7,752)ForeScout Technologies, Inc. (318) (10,100)Guidewire Software, Inc. (198) (17,986)HubSpot, Inc. (763) (128,665)Intuit, Inc. (46) (12,411)Manhattan Associates, Inc. (132) (9,364)Microsoft Corporation (200) (35,842)Oracle Corporation (279) (14,779)PagerDuty, Inc. (2,692) (56,828)Paycom Software, Inc. (118) (30,800)Paylocity Holding Corporation (725) (83,034)SAP SE – ADR (b) (3,726) (441,680)ServiceNow, Inc. (100) (35,154)Slack Technologies, Inc., Class A (2,637) (70,382)

33




Shares Value______ _____Software – (2.27)% (Continued)SolarWinds Corporation (3,912) $ (66,426)SS&C Technologies Holdings, Inc. (201) (11,087)The Trade Desk, Inc., Class A (807) (236,112)Tyler Technologies, Inc. (256) (82,097)VMware, Inc., Class A (1,307) (171,897)Workday, Inc., Class A (1,288) (198,223)Zendesk, Inc. (39) (2,998)Zoom Video Communications, Inc., Class A (465) (62,854)Zscaler, Inc. (2,291) (153,680)___________

(2,084,618)___________

Specialty Retail – (0.37)%Bed Bath & Beyond, Inc. (381) (2,358)Carvana Company (679) (54,395)Five Below, Inc. (253) (22,810)Foot Locker, Inc. (595) (15,250)Group 1 Automotive, Inc. (66) (3,735)The Home Depot, Inc. (361) (79,359)Hudson Ltd, Class A (b) (1,035) (5,072)L Brands, Inc. (254) (3,020)Lowe’s Companies, Inc. (508) (53,213)RH (476) (68,439)Sonic Automotive, Inc., Class A (225) (4,822)Ulta Beauty, Inc. (99) (21,574)___________

(334,047)___________

Technology Hardware, Storage & Peripherals – (0.12)%Dell Technologies, Inc., Class C (70) (2,988)Hewlett Packard Enterprise Company (994) (10,000)NetApp, Inc. (2,225) (97,388)___________

(110,376)___________

Textiles, Apparel & Luxury Goods – (0.30)%Adidas AG (b) (390) (89,284)Cie Financiere Richemont SA (b) (2,969) (168,442)G-III Apparel Group Ltd. (727) (8,237)PVH Corporation (133) (6,547)___________

(272,510)___________

Trading Companies & Distributors – (0.16)%Air Lease Corporation (3,315) (86,687)Beacon Roofing Supply, Inc. (103) (2,266)Fastenal Company (952) (34,482)

34




Shares Value______ _____Trading Companies & Distributors – (0.16)% (Continued)HD Supply Holdings, Inc. (215) $ (6,381)MSC Industrial Direct Company, Inc., Class A (211) (12,584)Watsco, Inc. (23) (3,703)___________

(146,103)___________Total Short Common StocksProceeds $(23,656,675) (24,854,446)___________

SHORT EXCHANGE TRADED FUNDS – (6.28)%Communication Services Select Sector SPDR Fund (3,033) (152,499)Consumer Staples Select Sector SPDR Fund (2,258) (131,551)ETFMG Prime Cyber Security ETF (1,984) (79,380)Health Care Select Sector SPDR Fund (2,003) (199,759)Industrial Select Sector SPDR Fund (2,486) (159,626)Invesco QQQ Trust Series 1 (3,450) (755,240)iShares 20+ Year Treasury Bond ETF (528) (88,039)iShares Cohen & Steers REIT ETF (1,270) (126,124)iShares Core DAX UCITS ETF (b) (389) (39,484)iShares MSCI Emerging Markets ETF (381) (13,960)iShares MSCI Eurozone ETF (125) (4,049)iShares MSCI Germany Index Fund ETF (945) (22,283)iShares MSCI Mexico ETF (334) (9,776)iShares Nasdaq Biotechnology ETF (451) (55,924)iShares Expanded Tech-Software ETF (1,057) (254,610)iShares Russell 2000 ETF (2,093) (272,739)iShares Transportation Average ETF (20) (2,998)iShares U.S. Real Estate ETF (4,986) (379,185)iShares U.S. Technology ETF (1,930) (452,160)Material Select Sector SPDR Fund (528) (27,393)SPDR S&P 500 ETF Trust (2,636) (765,705)SPDR S&P Biotech ETF (881) (82,277)SPDR S&P Homebuilders ETF (937) (33,779)SPDR S&P Retail ETF (361) (13,241)SPDR S&P Semiconductor ETF (3,301) (328,549)United States Oil Fund LP (873) (16,682)Utilities Select Sector SPDR Fund (15,929) (912,095)VanEck Vectors Semiconductor ETF (2,540) (339,674)Vanguard FTSE Europe ETF (651) (29,992)WisdomTree Europe Hedged Equity Fund (122) (6,812)___________Total Short Exchange Traded FundsProceeds $(5,557,435) (5,755,585)___________

35




Shares Value______ _____SHORT PREFERRED STOCKS – (0.02)%Azul SA – ADR (b) (1,542) $ (14,741)___________Total Short Preferred StocksProceeds $(12,049) (14,741)___________Total Securities Sold ShortProceeds $(29,226,159) – (33.41)% (30,624,772)___________Total Investments(Cost $55,547,603) – 61.22% 56,122,829Other Assets In Excess Of Liabilities – 38.78% 35,547,918___________Total Net Assets – 100.00% $ 91,670,747______________________

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & PoorFinancial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC,doing business as U.S. Bank Global Fund Services (“Fund Services”).

(a) Non-income producing security.(b) Foreign security.(c) All or a portion of the assets have been committed as collateral for open securities sold short, written option contracts, swap contacts,forward currency contracts and futures contracts. The total value of assets committed as collateral as of April 30, 2020 is $72,370,408.

(d) 100 shares per contract.(e) The rate quoted is the annualized seven-day effective yield as of April 30, 2020.(f) Securities sold short are not owned by the Fund and cannot produce income.(g) Level 3 security. Security is restricted from resale and considered illiquid. Please see Note 2 for more information.(h) Level 3 security. Please see Note 2 for more information.(i) Held in connection with a written option, see Schedule of Written Options for more details.

ADR – American Depository ReceiptETF – Exchange Traded FundETN – Exchange Traded Note

36




Contracts (a) Notional Amount Value___________ _______________ _____CALL OPTIONS WRITTENAdvanced Micro Devices, Inc.Expiration: May 2020, Exercise Price: $57.00 (4) $ (20,956) $ (10)Expiration: May 2020, Exercise Price: $62.00 (7) (36,673) (3)Apple, Inc.Expiration: May 2020, Exercise Price: $285.00 (3) (88,140) (3,465)Best Buy Company, Inc.Expiration: June 2020, Exercise Price: $80.00 (3) (23,019) (1,297)Cedar Fair LPExpiration: May 2020, Exercise Price: $30.00 (8) (23,072) (1,180)EQT CorporationExpiration: May 2020, Exercise Price: $14.00 (26) (37,934) (3,510)Facebook, Inc.Expiration: May 2020, Exercise Price: $200.00 (1) (20,471) (475)FireEye, Inc.Expiration: May 2020, Exercise Price: $11.50 (32) (36,832) (2,256)Gold 100 oz. Future Jun 20 (b)Expiration: May 2020, Exercise Price: $1,900.00 (3) (5,083) (720)Lam Research CorporationExpiration: May 2020, Exercise Price: $270.00 (1) (25,528) (557)McDonald’s CorporationExpiration: June 2020, Exercise Price: $190.00 (2) (37,512) (1,360)MGM Resorts InternationalExpiration: May 2020, Exercise Price: $19.00 (19) (31,977) (228)Microsoft CorporationExpiration: May 2020, Exercise Price: $180.00 (4) (71,684) (364)NIKE, Inc.Expiration: May 2020, Exercise Price: $90.00 (3) (26,154) (384)Expiration: June 2020, Exercise Price: $97.50 (4) (34,872) (356)Nordic American Tankers Ltd.Expiration: May 2020, Exercise Price: $9.00 (13) (7,826) (227)NortonLifeLock, Inc.Expiration: May 2020, Exercise Price: $20.00 (12) (25,524) (2,292)NXP Semiconductors NVExpiration: June 2020, Exercise Price: $95.00 (3) (29,871) (3,082)PayPal Holdings, Inc.Expiration: May 2020, Exercise Price: $115.00 (2) (24,600) (1,955)PepsiCo, Inc.Expiration: May 2020, Exercise Price: $125.00 (3) (39,687) (2,453)ServiceNow, Inc.Expiration: May 2020, Exercise Price: $350.00 (1) (35,154) (570)

37


SCHEDULE OF OPTIONS WRITTEN (UNAUDITED)APRIL 30, 2020


Contracts (a) Notional Amount Value___________ _______________ _____CALL OPTIONS WRITTEN (Continued)Silgan Holdings, Inc.Expiration: June 2020, Exercise Price: $35.00 (3) $ (10,350) $ (548)SPDR S&P 500 ETF TrustExpiration: May 2020, Exercise Price: $297.00 (7) (203,336) (2,314)SPDR S&P Oil & Gas Exploration & Production ETFExpiration: June 2020, Exercise Price: $20.00 (30) (163,080) (45)United States 12 Month Oil Fund LPExpiration: July 2020, Exercise Price: $16.00 (69) (73,554) (1,553)United States Natural Gas Fund LPExpiration: October 2020, Exercise Price: $20.00 (13) (17,433) (774)Wynn Resorts Ltd.Expiration: June 2020, Exercise Price: $110.00 (3) (25,659) (588)________

(32,566)________

PUT OPTIONS WRITTENAmeren CorporationExpiration: May 2020, Exercise Price: $65.00 (7) (50,925) (350)BlackLine, Inc.Expiration: May 2020, Exercise Price: $60.00 (2) (12,148) (576)Consolidated Edison, Inc.Expiration: May 2020, Exercise Price: $75.00 (7) (55,160) (630)Duke Energy CorporationExpiration: May 2020, Exercise Price: $80.00 (7) (59,262) (997)General Electric CompanyExpiration: June 2020, Exercise Price: $4.00 (26) (17,680) (117)Gold 100 oz. Future Jun 20 (b)Expiration: May 2020, Exercise Price: $1,500.00 (2) (3,388) (440)Expiration: May 2020, Exercise Price: $1,550.00 (1) (1,694) (410)iShares 20+ Year Treasury Bond ETFExpiration: June 2020, Exercise Price: $140.00 (9) (150,066) (144)CBOE Volatility IndexExpiration: May 2020, Exercise Price: $30.00 (13) (44,395) (2,535)MGM Resorts InternationalExpiration: May 2020, Exercise Price: $13.00 (17) (28,611) (433)Penn National Gaming, Inc.Expiration: May 2020, Exercise Price: $12.00 (10) (17,820) (250)SeaWorld Entertainment, Inc.Expiration: May 2020, Exercise Price: $12.00 (14) (20,566) (525)The Southern CompanyExpiration: May 2020, Exercise Price: $50.00 (7) (39,711) (266)

38


SCHEDULE OF OPTIONS WRITTEN (UNAUDITED) – CONTINUEDAPRIL 30, 2020


Contracts (a) Notional Amount Value___________ _______________ _____PUT OPTIONS WRITTEN (Continued)SPDR S&P 500 ETF TrustExpiration: May 2020, Exercise Price: $260.00 (13) $(377,624) $ (1,788)WEC Energy Group, Inc.Expiration: May 2020, Exercise Price: $80.00 (5) (45,275) (313)________

(9,774)________TOTAL OPTIONS WRITTEN(Premiums received $50,558) $(42,340)________________

(a) 100 shares per contract.ETF – Exchange Traded Fund

39


SCHEDULE OF OPTIONS WRITTEN (UNAUDITED) – CONTINUEDAPRIL 30, 2020


UnrealizedSettlement Currency to Value Currency to Value AppreciationDate be Delivered (USD) be Received (USD) (Depreciation)**_________ ___________ ______ ___________ ______ _______________5/4/20 5,459 USD $ 5,459 5,324 CHF $ 5,517 $ 585/29/20 109,500 CNY 15,524 15,426 USD 15,426 (98)5/4/20 72,220 DKK 10,607 10,509 USD 10,509 (98)5/4/20 13,962 USD 13,962 12,849 EUR 14,082 1205/4/20 19,944 USD 19,944 16,018 GBP 20,175 2315/7/20 606,448 JPY 5,652 5,670 USD 5,670 18_______ _______ _____

$71,148 $71,379 $231_______ _______ ____________ _______ _____CHF – Swiss FrancCNY – Chinese YuanDKK – Danish KroneEUR – EuroGBP – Pound SterlingJPY – Japanese YenUSD – U.S. Dollar

* Morgan Stanley is the counterparty for all open forward currency contracts held by the Fund as of April 30, 2020.** Unrealized appreciation is a receivable and unrealized depreciation is a payable.

40


SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS (UNAUDITED)*APRIL 30, 2020


Value andPay/Receive Number of Unrealized

Maturity Financing Financing Payment Shares/ Notional AppreciationCounterparty Security Date Rate Rate Frequency Units Amount (Depreciation)*___________ _______ _______ __________ ________ _________ _________ ________ _____________LONG EQUITY SWAP CONTRACTSMorgan Stanley Accor SA 1/5/22 Pay 0.600% + Monthly 126 $ 3,505 $ (159)

1 Day EONIA(3)

Morgan Stanley Adyen NV 11/29/21 Pay 0.600% + Monthly 77 76,044 10,1841 Day EONIA(3)

Morgan Stanley Airbus Group SE 1/5/22 Pay 0.600% + Monthly 262 16,590 (218)1 Day EONIA(3)

Morgan Stanley Engie SA 7/1/20 Pay 0.600% + Monthly 286 3,103 (1,435)1 Day EONIA(3)

Morgan Stanley GVC Holdings plc 4/25/22 Pay 0.600% + Monthly 5,470 51,920 4,5791 Day SONIA(1)

Morgan Stanley Inegnico Group 11/29/21 Pay 0.600% + Monthly 1,982 249,372 (10,283)1 Day EONIA(3)

Morgan Stanley Marfrig Global 5/2/22 Pay 1.000% + Monthly 14,567 34,315 4,321Foods SA FED(2)

Morgan Stanley The Morgan Stanley 3/14/22 Pay 0.500% + Monthly 1,281 74,605 7,478Inflation Basket FED(2)

Morgan Stanley Scheider SA 11/29/21 Pay 0.600% + Monthly 1,813 167,544 6,6431 Day EONIA(3)

Morgan Stanley U.S. Quality Basket 7/20/21 Pay 0.950% Monthly 390 50,345 (2,489)Fixed Rate

Morgan Stanley U.S. TMT Momentum 4/13/22 Pay 0.500% + Monthly 697 93,280 8,500Short Basket FED(2)

Morgan Stanley US Value Long 4/1/22 Pay 0.500% + Monthly 330 25,538 (297)FED(2)

Morgan Stanley U.S. Value Short Basket 4/13/22 Pay 0.500% + Monthly 756 138,522 14,558FED(2)

SHORT EQUITY SWAP CONTRACTSMorgan Stanley 888 Holdings plc 4/25/22 Pay (0.500)% + Monthly (4,690) (8,517) (379)

1 Day SONIA(3)

Morgan Stanley Communications 6/29/20 Pay (0.400)% + Monthly (191) (7,216) (431)Equipment Basket FED(2)

Morgan Stanley Faurecia SE 12/8/21 Pay (0.500)% + Monthly (162) (5,805) 1,9771 Day EONIA(3)

Morgan Stanley Flutter Entertainment plc 12/8/21 Pay (0.520)% + Monthly (1,092) (134,254) 77FED(2)

Morgan Stanley Flutter Entertainment plc 4/25/20 Pay (0.960)% + Monthly (185) (22,781) (12,460)1 Day EONIA(3)

Morgan Stanley Software Basket 6/29/20 Pay (0.400)% + Monthly (2,262) (258,252) (20,355)FED(2)

41


SCHEDULE OF SWAP CONTRACTS (UNAUDITED)APRIL 30, 2020



Maturity Financing Financing Payment Shares/ Notional AppreciationCounterparty Security Date Rate Rate Frequency Units Amount (Depreciation)*___________ _______ _______ __________ ________ _________ _________ ________ _____________SHORT EQUITY SWAP CONTRACTS (Continued)Morgan Stanley Growth vs. Value 7/20/21 Pay (0.850)% Monthly (3,914) $(664,127) $(16,832)

Basket Fixed Rate

Morgan Stanley High Beta 3/22/21 Pay (0.400)% + Monthly (3,112) (98,993) (3,606)Cyclicals Basket FED(2)

Morgan Stanley Infotech Basket 6/29/20 Pay (0.450)% + Monthly (801) (94,125) (201)FED(2)

Morgan Stanley InterContinental 2/1/22 Pay (0.500)% + Monthly (1,984) (90,376) (13,627)Hotels Group plc 1 Day SONIA(3)

Morgan Stanley iShares Core FTSE 2/2/22 Pay (0.750)% + Monthly (1,270) (9,470) 1100 UCITS ETF 1 Day SONIA(3)

Morgan Stanley JBS SA 5/2/22 Pay (1.100)% + Monthly (7,560) (33,018) (1,651)FED(2)

Morgan Stanley Media Basket 6/29/20 Pay (0.400)% + Monthly (110) (5,757) (449)FED(2)

Morgan Stanley Morgan Stanley 3/22/21 Pay (0.500)% + Monthly (194) (18,950) (5,104)Crowd Basket FED(2)

Morgan Stanley MSHDGVW4 2/9/22 Pay (0.450)% + Monthly (963) (144,651) (11,017)1 Day EONIA(3)

Morgan Stanley Hitachi Ltd. 9/8/21 Pay (0.400)% + Monthly (8,515) (76,134) 6,711TONAR(4)

Morgan Stanley NEXT plc 1/17/22 Pay (0.500)% + Monthly (7) (417) 141 Day SONIA(3)

Morgan Stanley Peugeot SA 12/8/21 Pay (0.500)% + Monthly (2,538) (35,978) 16,9881 Day EONIA(3)

Morgan Stanley Rolls-Royce 2/2/22 Pay (0.500)% + Monthly (1,911) (7,910) (172)Holdings plc 1 Day SONIA(3)

Morgan Stanley Weiss STHM 2/2/22 Pay (0.400)% + Monthly (647) (78,061) 918FED(2)

Morgan Stanley The Morgan Stanley 3//15/2022 Pay (0.700)% +U.S. Growth FED(2) Monthly (2,253) (329,214) 8,248Long Basket

Morgan Stanley The Morgan Stanley 3/16/22 Pay (0.400)% + Monthly (1,687) (230,715) (12,761)U.S. Momentum FED(2)

Long Basket

Morgan Stanley U.S. Quality 4/29/20 Pay (0.750)% + Monthly (330) (34,719) (3,594)Short Basket FED(2)

Morgan Stanley U.S. Value Short Basket 4/1/22 Pay (0.550)% + Monthly (2,933) (537,414) (72,996)FED(2)

42


SCHEDULE OF SWAP CONTRACTS (UNAUDITED) – CONTINUEDAPRIL 30, 2020



Maturity Financing Financing Payment Shares/ Notional AppreciationCounterparty Security Date Rate Rate Frequency Units Amount (Depreciation)*___________ _______ _______ __________ ________ _________ _________ ________ _____________SHORT EQUITY SWAP CONTRACTS (Continued)Morgan Stanley Vodafone Group plc 1/19/22 Pay (0.500)% + Monthly (93,117) $(131,357) $ 2,074

1 Day SONIA(3)

Morgan Stanley Volkswagon AG 2/9/22 Pay (0.450)% + Monthly (432) (36,112) 4,1521 Day EONIA(3)

Morgan Stanley Worldline SA 12/8/21 Pay (0.500)% + Monthly (985) (66,714) 15,1421 Day EONIA(3)

Morgan Stanley WPP plc 2/2/22 Pay (0.500)% + Monthly (1,988) (15,425) (1,208)1 Day SONIA(3)

________$(79,159)________________

(1) Sterling OverNight Index Average(2) Federal Funds Rate(3) Euro OverNight Index Average(4) Bank of Japan Estimate Unsecured Overnight Call RateETF – Exchange Traded Fundplc – Public Limited Company* Based on the net swap value held at each counterparty, unrealized appreciation is a receivable and unrealized depreciation is a payable.

43


SCHEDULE OF SWAP CONTRACTS (UNAUDITED) – CONTINUEDAPRIL 30, 2020


Value and Number of UnrealizedContracts Notional Appreciation

Expiration Date Description Purchased Amount (Depreciation)______________ __________ _________ _______ _____________LONG FUTURES CONTRACTS7/31/20 Brent Crude 4 $ 119,120 $ 3,2136/19/20 CBT 10-Year U.S. Treasury Bond 117 13,026,010 653,4536/19/20 CBT Long Term U.S. Treasury Bond 9 1,384,888 125,6376/19/20 CBT Ultra Long Term U.S. Treasury Bond 67 9,221,446 1,404,2467/16/20 Cocoa 1 24,140 74712/18/20 Coffee 5 205,031 (19,664)7/29/20 Copper 4 234,400 4,3917/14/20 Corn 2 32,000 (3,181)6/19/20 E-Mini Russell 2000 22 1,437,370 223,9196/19/20 E-Mini S&P 500 83 12,044,960 1,815,8056/19/20 E-Mini S&P MidCap 400 41 6,729,330 982,6787/15/20 Lean Hogs 1 24,200 2,4474/30/20 LME Aluminum 4 167,444 (167,444)5/11/20 LME Aluminum 2 73,125 (13,031)5/26/20 LME Aluminum 4 146,950 (20,487)5/28/20 LME Aluminum 4 147,057 (20,430)6/9/20 LME Aluminum 2 73,848 (9,903)6/12/20 LME Aluminum 3 110,888 (14,169)6/30/20 LME Aluminum 1 37,156 (1,047)7/9/20 LME Aluminum 2 74,395 4387/20/20 LME Aluminum 4 149,150 (412)7/27/20 LME Aluminum 1 37,350 (341)4/30/20 LME Copper 1 129,875 (11,741)5/11/20 LME Copper 3 387,394 (43,180)6/12/20 LME Copper 5 647,563 4,4225/5/20 LME Nickel 2 145,491 (9,495)5/26/20 LME Nickel 3 218,576 4,9005/27/20 LME Nickel 1 72,864 2,2805/28/20 LME Nickel 1 72,870 2,2816/9/20 LME Nickel 1 72,936 2,2916/30/20 LME Nickel 1 73,028 4,7157/15/20 LME Nickel 1 73,098 2,3855/6/20 LME Zinc 1 48,366 (4,977)5/26/20 LME Zinc 3 145,195 (2,339)5/27/20 LME Zinc 1 48,402 (89)5/28/20 LME Zinc 2 96,812 (176)6/9/20 LME Zinc 1 48,416 1,6766/30/20 LME Zinc 2 96,846 1,0527/6/20 LME Zinc 1 48,439 1,011

44


SCHEDULE OF OPEN FUTURES CONTRACTS (UNAUDITED)APRIL 30, 2020


Value and Number of UnrealizedContracts Notional Appreciation

Expiration Date Description Purchased Amount (Depreciation)______________ __________ _________ _______ _____________LONG FUTURES CONTRACTS (Continued)

7/8/20 LME Zinc 1 $ 48,444 $ 5537/9/20 LME Zinc 2 96,894 1,5877/30/20 LME Zinc 1 48,066 (48,066)6/26/20 Natural Gas 1 21,700 6187/14/20 Soybean 6 256,575 3,4837/14/20 Soybean Meal 3 88,530 1,1816/30/20 Sugar No. 11 4 46,458 (1,792)8/20/20 WTI Crude 2 52,740 195___________ __________

$48,585,836 $4,859,640___________ _____________________ __________SHORT FUTURES CONTRACTS9/18/20 Coffee (5) $ (201,563) $ 20,3304/30/20 LME Aluminum (4) (173,100) 173,1005/11/20 LME Aluminum (2) (73,125) 9,2535/26/20 LME Aluminum (4) (146,950) 22,9635/28/20 LME Aluminum (4) (147,057) 20,8316/9/20 LME Aluminum (2) (73,849) 9,6456/12/20 LME Aluminum (3) (110,888) 14,2414/30/20 LME Copper (1) (129,875) (1,486)5/11/20 LME Copper (3) (387,394) (1,884)6/12/20 LME Copper (5) (647,563) 31,7475/5/20 LME Nickel (2) (145,491) (4,538)5/26/20 LME Nickel (3) (218,576) 4,9455/27/20 LME Nickel (1) (72,864) 9335/28/20 LME Nickel (1) (72,870) 6576/9/20 LME Nickel (1) (72,936) 1,4915/6/20 LME Zinc (1) (48,367) (1,781)5/26/20 LME Zinc (3) (145,195) 8,2965/27/20 LME Zinc (1) (48,402) 1,7705/28/20 LME Zinc (2) (96,812) 3,2076/9/20 LME Zinc (1) (48,416) 106___________ __________

$ (3,061,293) $ 313,826___________ _____________________ __________

London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like otherfutures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealizeddepreciation is a payable for unsettled open futures contracts on the Fund’s Statement of Assets and Liabilities.

45


SCHEDULE OF OPEN FUTURES CONTRACTS (UNAUDITED) – CONTINUEDAPRIL 30, 2020


ASSETS:Investments, at value (Cost $84,773,762) $ 86,747,601Cash 100,000Foreign currency, at value (Cost $656,766) 658,149Deposits at broker for securities sold short 31,437,243Deposits for futures 2,053,159Collateral for swap contracts 666,000Receivable for investments sold 11,738,146Receivable for unsettled open futures contracts 1,223,163Receivable for forward currency contracts, net 231Receivable for fund shares sold 100,000Dividends and interest receivable 31,878Prepaid expenses and other receivables 36,292___________Total assets 134,791,862___________

LIABILITIES:Securities sold short, at value (Proceeds of $29,226,159) 30,624,773Written option contracts, at value (Premiums received $50,558) 42,340Payable for investments purchased 10,691,587Payable to Adviser 1,572Payable for unsettled open futures contracts 997,768Variation margin payable 471,341Payable for swap contracts 79,159Distribution and shareholder servicing fees payable 1,448Payable for trustees’ fees 2,937Payable for fund administration and fund accounting fees 36,801Payable for compliance fees 2,620Payable for transfer agent fees and expenses 15,583Payable for custodian fees 92,692Dividends and interest payable for securities sold short 26,112Accrued expenses and other liabilities 34,382___________Total liabilities 43,121,115___________NET ASSETS $ 91,670,747______________________NET ASSETS CONSISTS OF:Paid-in capital $ 94,557,193Accumulated deficit (2,886,446)___________Total net assets $ 91,670,747______________________

Class K InvestorShares Class Shares_____________ ___________

Net assets $86,325,012 $5,345,735Shares issued and outstanding(1) 8,544,388 533,545Net asset value, offering, and redemption price per share $10.10 $10.02(1) Unlimited shares authorized without par value.

46


STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)APRIL 30, 2020


INVESTMENT INCOME:Dividend income on long positions (net of foreign withholding taxes of $3,982) $ 1,151,931Interest income, including broker interest on short positions 411,908__________Total investment income 1,563,839__________EXPENSES:Investment advisory fees (See Note 3) 691,769Dividends on securities sold short 524,863Borrowing expense on securities sold short 269,213Custodian fees (See Note 3) 178,929Fund administration and fund accounting fees (See Note 3) 103,579Transfer agent fees (See Note 3) 47,257Legal fees 21,033Federal and state registration fees 19,217Audit fees 17,131Reports to shareholders 7,856Compliance fees (See Note 3) 7,711Distribution fees – Investor Class (See Note 5) 6,755Trustees’ fees (See Note 3) 6,125Insurance fees 4,055Shareholder servicing fees – Investor Class (See Note 5) 2,702Other 2,985__________Total expenses before reimbursement 1,911,180Less: Expense reimbursement by Adviser (See Note 3) (415,878)__________Net expenses 1,495,302__________NET INVESTMENT INCOME 68,537__________REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:Net realized gain (loss) on:Investments (7,692,955)Securities sold short 8,704,092Written option contracts expired or closed 101,699Swap contracts (36,811)Futures contracts (6,071,748)Forward currency contracts 562Foreign currency transactions (32,350)__________Net realized loss (5,027,511)__________

Net change in unrealized appreciation/depreciation on:Investments (505,686)Securities sold short (335,437)Written option contracts (12,512)Swap contracts (89,010)Futures contracts 5,914,515Forward currency contracts 257Foreign currency translation (42,081)__________Net change in unrealized appreciation/depreciation 4,930,046__________Net realized and change in unrealized (loss) on investments (97,465)__________

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (28,928)____________________

47


STATEMENT OF OPERATIONS (UNAUDITED)FOR THE SIX MONTHS ENDED APRIL 30, 2020


Six Months Ended April 30, 2020 Year Ended(Unaudited) October 31, 2019_______________ _______________

OPERATIONS:Net investment income $ 68,537 $ 689,249Net realized gain (loss) on investments, securities sold short, written option contracts expired or closed, swap contracts, futures contracts, forward currency contracts, and foreign currency transactions (5,027,511) 5,903,966Change in unrealized appreciation/depreciation on investments, securities sold short, written option contracts, swap contracts, futures contracts, forward currency contracts, and foreign currency translation 4,930,046 4,070,109__________ __________Net increase (decrease) in net assets resulting from operations (28,928) 10,663,324__________ __________

DISTRIBUTIONS TO SHAREHOLDERS:Class K (9,169,641) (3,518,998)Investor Class (568,710) (177,276)__________ __________

Total distributions to shareholders (9,738,351) (3,696,274)__________ __________

CAPITAL SHARE TRANSACTIONS:Net increase in net assets resulting from capital share transactions(1) 6,323,904 2,521,846__________ __________

NET INCREASE (DECREASE) IN NET ASSETS (3,443,375) 9,488,896__________ __________

NET ASSETS:Beginning of period 95,114,122 85,625,226__________ __________End of period $91,670,747 $95,114,122__________ ____________________ __________

48


STATEMENTS OF CHANGES IN NET ASSETS


(1) A summary of capital share transactions is as follows:

SHARE TRANSACTIONS:Six Months Ended April 30, 2020 Year Ended(Unaudited) October 31, 2019____________________________ ____________________________

Shares Amount Shares Amount______ _______ ______ _______Class K:Issued 783,864 $ 8,187,837 679,776 $ 7,281,352Issued to holders in reinvestment of dividends 617,320 6,315,180 244,955 2,429,956Redeemed (823,993) (8,624,014) (766,787) (8,182,576)Redemption fees — — — —_________ __________ _________ __________Net increase in Class K 577,191 $ 5,879,003 157,944 $ 1,528,732_________ __________ _________ __________

Investor Class:Issued 56,980 $ 582,700 109,416 $ 1,157,963Issued to holders in reinvestment of dividends 55,975 568,710 17,961 177,276Redeemed (71,147) (706,510) (33,138) (342,134)Redemption fees — 1 — 10_________ __________ _________ __________Net increase in Investor Class 41,808 $ 444,901 94,239 $ 993,115_________ __________ _________ __________

Net increase in shares outstanding 618,999 $ 6,323,904 252,183 $ 2,521,847_________ __________ _________ ___________________ __________ _________ __________

49


STATEMENTS OF CHANGES IN NET ASSETS – CONTINUED


CASH FLOWS FROM OPERATING ACTIVITIES:Net decrease in net assets resulting from operations $ (28,928)Adjustments to reconcile net increase in net assets from operations to net cashfrom operating activities:Purchases of investments (311,317,982)Sales of short-term investments, net (8,647,146)Proceeds from sales of investments 321,774,331Decrease in variation margin for futures contracts 801,557Increase in receivable for investments sold (687,957)Increase in payable for swap contracts 89,010Increase in receivable for forward currency contracts (257)Decrease in payable to Adviser (74,605)Decrease in dividends and interest receivable 23,528Decrease in prepaid expenses and other receivables 6,660Proceeds from securities sold short 308,977,145Purchases to cover securities sold short (311,990,414)Premiums received on written option contracts 628,877Written option contracts expired or closed (471,281)Decrease in payable for investments purchased (581,870)Increase in payable for fund administration and fund accounting fees 5,419Increase in payable for custodian fees 50,820Decrease in payable for transfer agent fees and expenses (3)Decrease in net payable for unsettled futures contracts (234,164)Decrease in dividends and interest payable for securities sold short (19,545)Increase in payable for compliance fees 236Increase in payable for trustees’ fees 554Decrease in distribution and shareholder servicing fees payable (66)Decrease in accrued expenses and other liabilities (27,048)Net realized gain on investments 7,692,955Net realized loss on securities sold short (8,704,092)Net realized gain on written option contracts expired or closed (101,699)Net realized loss on foreign currency transactions 32,350Change in unrealized appreciation/depreciation on investments 505,686Change in unrealized appreciation/depreciation on securities sold short 335,437Change in unrealized appreciation/depreciation on written option contracts 12,513Change in unrealized appreciation/depreciation on foreign currency translation 42,081____________Net cash from operating activities (1,907,898)____________

50


STATEMENT OF CASH FLOWS (UNAUDITED)FOR THE PERIOD ENDED APRIL 30, 2020


CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from shares sold $ 8,681,985Payment for shares redeemed (9,330,523)Cash distributions paid to shareholders (2,854,461)____________Net cash provided by financing activities (3,502,999)____________Net change in cash $ (5,410,897)____________

CASH, FOREIGN CURRENCY AND RESTRICTED CASH:Beginning Balance $ 40,325,448____________Ending Balance $ 34,914,551________________________

SUPPLEMENTAL DISCLOSURES:Borrowing expense on securities sold short $ 465,753Non-cash financing activities – reinvestment of distributions $ 6,883,890Non-cash financing activities – increase in receivable for Fund shares sold $ 88,552

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIESCash $ 100,000Cash held in foreign currency 563,702Deposit with brokersCollateral for swap contracts 605,000Deposits for futures 1,301,558Short sale proceeds 37,755,188

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIESCash $ 100,000Cash held in foreign currency 658,149Deposit with brokersCollateral for swap contracts 666,000Deposits for futures 2,053,159Short sale proceeds 31,437,243

51


STATEMENT OF CASH FLOWS (UNAUDITED) – CONTINUEDFOR THE PERIOD ENDED APRIL 30, 2020


Six Months Ended Year Ended Year Ended Year Ended Period Ended

April 30, 2020 October 31, October 31, October 31, October 31, Class K (Unaudited) 2019 2018 2017 2016(1)____________ ___________ ___________ ___________ ____________

PER SHARE DATA(2):Net asset value, beginning of period $11.25 $10.44 $10.45 $10.40 $10.00______ ______ ______ ______ ______

INVESTMENT OPERATIONS:Net investment income (loss)(3) 0.01 0.08 0.01 (0.10) (0.05)Net realized and unrealized gain on investments 0.02 1.18 0.17 0.59 0.45______ ______ ______ ______ ______Total from investment operations 0.03 1.26 0.18 0.49 0.40______ ______ ______ ______ ______

LESS DISTRIBUTIONS:From net investment income (0.11) (0.21) — (0.05) —From net realized gains (1.07) (0.24) (0.19) (0.39) —______ ______ ______ ______ ______Total distributions (1.18) (0.45) (0.19) (0.44) —______ ______ ______ ______ ______

Redemption fees — — 0.00(4) — —______ ______ ______ ______ ______Net asset value, end of period $10.10 $11.25 $10.44 $10.45 $10.40______ ______ ______ ______ ____________ ______ ______ ______ ______

TOTAL RETURN(5) 0.14% 12.76% 1.61% 4.97% 4.00%

SUPPLEMENTAL DATA AND RATIOS:Net assets, end of period (in thousands) $86,325 $89,627 $81,498 $33,214 $2,701Ratio of gross expenses to average net assets:Before expense reimbursement(6)(7) 4.12% 3.95% 4.25% 8.70% 12.86%After expense reimbursement(6)(7) 3.22% 3.16% 3.27% 3.37% 3.44%

Ratio of dividends, interest and borrowing expenseon securities sold short to average net assets(6) 1.72% 1.66% 1.77% 1.69% 1.29%Ratio of operating expenses to average net assets excluding dividends, interest and borrowing expense on securities sold short(6) 1.50% 1.50% 1.50% 1.68% 2.15%Ratio of net investment income (loss)to average net assets(6)(7) 0.17% 0.78% 0.11% (0.96)% (0.53)%Portfolio turnover rate(5)(8) 379% 585% 700% 494% 304%

(1) Inception date of Class K was December 1, 2015.(2) For a Class K share outstanding for the entire period.(3) Calculated based on average shares outstanding during the periods.(4) Amount per share is less than $0.005.(5) Not annualized for periods less than one year.(6) Annualized for periods less than one year.(7) These ratios exclude the impact of expenses of the underlying exchange-traded funds as represented in the Schedule of Investments.

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlyingexchange-traded funds in which the Fund invests.

(8) The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser ofpurchases or sales (excluding short-term investments, short-term options, swap contracts, futures contracts and short positions). Thedenominator includes the average fair value of long positions throughout the periods end.

52


FINANCIAL HIGHLIGHTS


Six Months Ended Year Ended Year Ended Period Ended

April 30, 2020 October 31, October 31, October 31, Investor Class (Unaudited) 2019 2018 2017(1)____________ ___________ ___________ ____________

PER SHARE DATA(2):Net asset value, beginning of period $11.16 $10.38 $10.44 $ 9.99______ ______ ______ ______INVESTMENT OPERATIONS:Net investment income (loss)(3) (0.01) 0.05 (0.02) (0.07)Net realized and unrealized gain on investments(9) 0.02 1.18 0.15 0.52______ ______ ______ ______Total from investment operations 0.01 1.23 0.13 0.45______ ______ ______ ______

LESS DISTRIBUTIONS:From net investment income (0.08) (0.21) — —From net realized gains (1.07) (0.24) (0.19) —______ ______ ______ ______Total distributions (1.15) (0.45) (0.19) —______ ______ ______ ______

Redemption fees 0.00(4) 0.00(4) 0.00(4) —______ ______ ______ ______Net asset value, end of period $10.02 $11.16 $10.38 $10.44______ ______ ______ ____________ ______ ______ ______TOTAL RETURN(5) -0.01% 12.36% 1.22% 4.50%SUPPLEMENTAL DATA AND RATIOS:Net assets, end of period (in thousands) $5,346 $5,487 $4,128 $2,989Ratio of gross expenses to average net assets:Before expense reimbursement(6)(7) 4.47% 4.30% 4.60% 11.46%After expense reimbursement(6)(7) 3.57% 3.51% 3.62% 3.96%

Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(6) 1.72% 1.66% 1.77% 1.95%Ratio of operating expenses to average netassets excluding dividends, interest and borrowing expense on securities sold short(6)(7) 1.85% 1.85% 1.85% 2.01%Ratio of net investment income (loss)to average net assets(6)(7) (0.18)% 0.43% (0.24)% (1.02)%Portfolio turnover rate(5)(8) 379% 585% 700% 494%(1) Inception date of the Investor Class was February 28, 2017.(2) For an Investor Class share outstanding for the entire period.(3) Calculated based on average shares outstanding during the period.(4) Amount per share is less than $0.005.(5) Not annualized for periods less than one year.(6) Annualized for periods less than one year.(7) These ratios exclude the impact of expenses of the underlying exchange-traded funds as represented in the Schedule of Investments.

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlyingexchange-traded funds in which the Fund invests.

(8) The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser ofpurchases or sales (excluding short-term investments, short-term options, swap contracts, futures contracts and short positions). Thedenominator includes the average fair value of long positions throughout the periods end.

(9) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net assetvalue per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to sharetransactions for the period.

53


FINANCIAL HIGHLIGHTS


1. ORGANIZATION

Series Portfolios Trust (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust datedJuly 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Weiss Alternative Balanced Risk Fund (the “Fund”) is a diversifiedseries with its own investment objectives and policies within the Trust. The Fund’s investment adviser, WeissMulti-Strategy Advisers LLC (the “Adviser”), is responsible for investment advisory services, day-to-day managementof the Fund’s assets, as well as compliance, sales, marketing and operation services to the Fund. The primaryinvestment objective of the Fund is to provide returns with moderate volatility and reduced correlation to the bond andequity markets. A secondary objective of the Fund is to limit capital losses during periods when the bond and equitymarkets decline. The Fund commenced operations on December 1, 2015. The Fund is an investment company andaccordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting StandardsBoard (“FASB”) Accounting Standards Board Codification (the “Codification”) Topic 946 Financial Services –Investment Companies. The Fund does not hold itself out as related to any other series of the Trust for purposes ofinvestment and investor services, nor does it share the same investment adviser with any other series of the Trust.

The Fund offers four share classes, Class A, Class I, Class K and Investor Class. Effective March 31, 2017, theFund ceased offering Class I. As of April 30, 2020, Class A and Class I shares are not available for purchase.Class K and Investor Class shares have no front-end sales load and no deferred sales charge. Investor Class sharesare subject to a 0.25% distribution fee and a shareholder servicing fee of up to 0.10% of average daily net assets.Class K shares are not subject to a distribution fee or a shareholder servicing fee.

The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fundhave equal rights and privileges except with respect to distribution fees and voting rights on matters affecting asingle share class.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in thepreparation of its financial statements. These policies are in conformity with generally accepted accountingprinciples in the United States of America (“GAAP”).

A. Investment Valuation – The following is a summary of the Fund’s pricing procedures. It is intended to be ageneral discussion and may not necessarily reflect all the pricing procedures followed by the Fund. Equitysecurities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are tradedon a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global SelectMarket® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported saleprice on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued atthe Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security doesnot trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securitiesthat are not traded on a listed exchange are valued at the last sale price in the over-the-counter (“OTC”) market. Ifa non-exchanged traded equity security does not trade on a particular day, then the mean between the last quotedclosing bid and asked price will be used. To the extent these securities are actively traded and valuationadjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Fixed income securities, including short-term debt instruments having a maturity less than 60 days, are valued atthe evaluated mean price supplied by an approved independent third-party pricing service (“Pricing Service”).These securities are categorized in Level 2 of the fair value hierarchy.

54

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)APRIL 30, 2020


In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the timethe Fund’s NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreignmarkets open on the following business day. The Fund will value foreign securities at fair value, taking intoaccount such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability toseek profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These securities arecategorized in Level 2 of the fair value hierarchy.

Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on whichthe security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the meanbetween the most recent quoted bid and asked prices will be used. To the extent these securities are actively tradedand valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (including money market funds), other thanexchange-traded funds, are typically valued at their reported NAV per share. To the extent these securities arevalued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.

Forward currency contracts maturing in two or fewer days are valued at the spot rate. Forward currency contractsmaturing in three days or more are valued at the midpoint prices calculated by U.S. Bancorp Fund Services, LLC,doing business as U.S. Bank Global Fund Services (“Fund Services” or the “Administrator”) using an“interpolation” methodology that incorporates foreign-exchange prices obtained from an approved pricing servicefor standard forward-settlement periods, such as one month, three months, six months and one year. Thesesecurities are categorized in Level 2 of the fair value hierarchy.

Exchange traded options and Flexible Exchange® options (“FLEX options”) are valued at the composite meanprice, which calculates the mean of the highest bid price and lowest ask price across the exchanges where theoption is principally traded. If the composite mean price is not available, models such as Black-Scholes can beused to value the options. On the last trading day prior to expiration, expiring options may be priced at intrinsicvalue. These securities are categorized in Level 2 of the fair value hierarchy.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded. Thesettlement price is the average of the prices at which a future contract trades immediately before the close oftrading for the day. Equity swap contract prices are determined by using the same methods used to price theunderlying security. These securities are categorized in Level 2 of the fair value hierarchy.

Securities for which market quotations are not readily available, or if the closing price does not represent fair value,are valued following procedures approved by the Board of Trustees (the “Board”). These procedures consider manyfactors, including the type of security, size of holding, trading volume and news events. There can be no assurancethat the Fund could obtain the fair value assigned to a security if they were to sell the security at approximately thetime at which the Fund determines their net asset values per share. The Board has established a ValuationCommittee to administer, implement, and oversee the fair valuation process, and to make fair value decisions whennecessary. The Board regularly reviews reports that describe any fair value determinations and methods.

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition offair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about thevarious inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes invaluation techniques and related inputs during the period and expanded disclosure of valuation levels for majorsecurity types. These inputs are summarized in the three broad levels listed below:

55

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2020


Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the abilityto access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset orliability, either directly or indirectly. These inputs may include quoted prices for the identical instrumenton an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yieldcurves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available,representing the Fund’s own assumptions about the assumptions a market participant would use invaluing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing inthose securities.

The following table is a summary of the inputs used to value the Fund’s securities by level within the fair valuehierarchy as of April 30, 2020:

Investments at Fair Value Level 1 Level 2 Level 3 Total______________________ ______ ______ ______ _____

AssetsLong Common Stocks(1) $ 31,876,525 $ 457,750 $ 13,607 $ 32,347,882Long Private Placement — — 100,814 100,814Long Exchange Traded Funds 34,819,302 — — 34,819,302Long Convertible Preferred Stock — 251,272 — 251,272Long Rights 13,971 — — 13,971Long Warrants 11,780 — — 11,780Purchased Options 9,643 35,030 — 44,673Long Short-Term Investments 19,157,907 — — 19,157,907Other InstrumentsForward Contracts(2) — 231 — 231Futures Contracts(2) — 5,173,466 — 5,173,466___________ __________ ________ ___________

$ 85,889,128 $5,917,749 $114,421 $ 91,921,298___________ __________ ________ ______________________ __________ ________ ___________LiabilitiesCommon Stocks Sold Short(1) $(24,124,380) $ (730,066) $ — $(24,854,446)Short Exchange Traded Funds (5,716,101) (39,484) — (5,755,585)Preferred Stocks Sold Short (14,741) — — (14,741)Other InstrumentsWritten Options (2,944) (39,396) — (42,340)Swap Contracts(2) — (79,159) — (79,159)___________ __________ ________ ___________

$(29,858,166) $ (888,105) $ — $(30,746,271)___________ __________ ________ ______________________ __________ ________ ___________

(1) Please refer to the Schedules of Investments to view long and short common stocks/convertible preferred stocks segregated by industry type.(2) Swap contracts, futures contracts and forward currency contracts are valued at the net unrealized appreciation (depreciation) on the

instrument as presented on the Schedules of Open Swap, Open Forward Currency, and Open Futures Contracts.

For the period ended April 30, 2020, there were two transfers into or out of Level 3 securities.

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Level 3 Reconciliation Disclosure

The following is a reconcilation of Level 3 assets for which significant unobservable inputs were used todetermine fair value:

Description Common Stocks Private Placement Warrants__________ _______________ _________________ _________

Balance as of October 31, 2019 $ 865 $ — $ —*Purchase on Investments 12,274 154,632 —(Sales) of Investments — — —Realized Gain (Loss) — — —Transfers Into Level 3 — — —Change in Unrealized Appreciation (Depreciation) 468 (53,818) —_______ ________ _____

Balance as of April 30, 2020 $13,607 $100,814 $ —*_______ ________ ____________ ________ _____

Significant unobservable valuation inputs monitored by the Valuation Group under the supervision of the Board ofTrustees for material Level 3 investments as of April 30, 2020 are as follows:

Range/WeightedFair Value at Valuation Unobservable Expected Distribution Average

Description April 30, 2020 Technique Input Distribution Amount Unobservable Input__________ _____________ _________ ____________ ___________ ___________ __________________

Common Stock $ 202 Expected Final FinalDistribution Distribution $ 202 $0.0950 $0.09 – $0.10

Common Stock 13,405 Expected Final FinalDistribution Distribution 13,405 2.15 2.15 – 2.20

Private Placement 100,814 Discount from Common Stock Discount — — 15%

Warrants —* Expected Final FinalDistribution Distribution — — —

* Value of Warrants less than $0.25.

B. Securities Sold Short – The Fund sells securities or currencies short for economic hedging purposes or anyother investment purpose. For financial statement purposes, an amount equal to the settlement amount is initiallyincluded in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of theliability is subsequently priced to reflect the current value of the short position. Subsequent fluctuations in themarket prices of securities or currencies sold, but not yet purchased, may require purchasing the securities orcurrencies at prices which may differ from the fair value reflected on the Statement of Assets and Liabilities. Shortsale transactions result in off balance sheet risk because the ultimate obligation may exceed the related amountsshown in the Statement of Assets and Liabilities. The Fund will incur losses if the price of the security increasesbetween the date of the short sale and the date on which the Fund purchases the securities to replace the borrowedsecurities. The Fund’s losses on short sales are potentially unlimited because there is no upward limit on the pricea borrowed security could attain.

The Fund is liable for any dividends and interest payable on securities while those securities are sold short. Untilthe security is replaced, the Fund is required to pay to the lender any income earned, which is recorded as anexpense by the Fund. The Fund’s policy is to segregate liquid assets in an amount equal to the fair value ofsecurities sold short (not including proceeds received), which is reflected in the Schedule of Investments. Theseassets are required to be adjusted daily to reflect changes in the value of the securities or currencies sold short.

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C. Transactions with Brokers – The Fund’s receivables from brokers for proceeds on securities sold short anddeposits at brokers for securities sold short are with one securities dealer. The Fund does not require the brokers tomaintain collateral in support of the receivables from the brokers for proceeds on securities sold short. The Fundis required by the brokers to maintain collateral at the brokers or in a segregated account at the Fund’s custodianfor securities sold short. The receivable from brokers on the Statement of Assets and Liabilities represents thecollateral for securities sold short and derivative instruments. The Fund may maintain cash deposits at brokersbeyond the receivables for short sales.

The Fund’s written options contracts’, equity swap contracts’, forward currency exchange contracts’ and futurescontracts cash deposits are monitored daily by the Adviser and counterparty. Cash deposits beyond the short saleproceeds by the Fund would be presented as deposits at brokers on the Statement of Assets and Liabilities. TheFund’s securities sold short and written option contracts are traded through the same account at Morgan Stanleyand the deposits associated with these investments are not able to be determined by security or contract type.These transactions may involve market risk in excess of the amounts receivable or payable reflected on theStatement of Assets and Liabilities.

D. Written Option Contracts – The Fund is subject to equity price risk in the normal course of pursuing itsinvestment objectives. The Fund writes (sells) put or call options for hedging purposes, volatility managementpurposes, or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. When aFund writes (sells) an option, an amount equal to the premium received by the Fund is included in the Statementof Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently priceddaily to reflect the current value of the option written. Refer to Note 2 A. for a pricing description. By writing anoption, a Fund may become obligated during the term of the option to deliver or purchase the securitiesunderlying the option at the exercise price if the option is exercised. These contracts may involve market risk inexcess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities. Refer toNote 2 R. for further derivative disclosures, and Note 2 P. for further counterparty risk disclosure.

When an option expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, theFund realizes gains or losses if the cost of the closing purchase transaction differs from the premium receivedwhen the option was sold without regard to any unrealized appreciation or depreciation on the underlying security,and the liability related to such option is eliminated. When a written call option is exercised, the premiumoriginally received decreases the cost basis of the security and the Fund realizes gains or losses from the sale ofthe underlying security. When a written put option is exercised, the cost of the security acquired is decreased bythe premium received for the put.

E. Purchased Option Contracts – The Fund is subject to equity price risk in the normal course of pursuing itsinvestment objectives. The Fund purchases put or call options for hedging purposes, volatility managementpurposes, or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. When theFund purchases an option contract, an amount equal to the premiums paid is included in the Statement of Assetsand Liabilities Investments at value as an investment, and is subsequently priced daily to reflect the value of thepurchased option contract. Refer to Note 2 A. for a pricing description. Refer to Note 2 R. for further derivativedisclosures, and Note 2 P. for further counterparty risk disclosure.

F. Flex Options – FLEX Options are customized option contracts available through the CBOE that are guaranteedfor settlement by The Options Clearing Corporation (“OCC” or the “Clearinghouse”). FLEX Options provideinvestors with the ability to customize exercise prices and expiration dates, while achieving price discovery in

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competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (“OTC”)options positions. The Fund bears the risk that the Clearinghouse will be unable or unwilling to perform itsobligations under the FLEX Options contracts.

G. Forward Currency Exchange Contracts – The Fund is subject to foreign currency exchange rate risk in thenormal course of pursuing its investment objectives. The Fund may enter into forward contracts for foreign currencyhedging purposes, volatility management purposes or otherwise to gain, or reduce, long or short exposure to one ormore asset classes or issuers. The Fund may enter into forward currency exchange contracts obligating the Fund todeliver and receive a currency at a specified future date. Forward contracts are valued daily, and unrealizedappreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closingforward rate applied to the face amount of the contract. Refer to Note 2 A. for a pricing description. A realized gainor loss is recorded at the time the forward contract expires. Credit risk may arise as a result of the failure of thecounterparty to comply with the terms of the contract. Refer to Note 2 P. for further counterparty risk disclosure.

The use of forward currency exchange contracts does not eliminate fluctuations in the underlying prices of theFund’s investment securities. The use of forward currency exchange contracts involves the risk that anticipatedcurrency movements will not be accurately predicted. A forward currency exchange contract would limit the riskof loss due to a decline in the value of a particular currency; however, it would also limit any potential gain thatmight result should the value of the currency increase instead of decrease. These contracts may involve marketrisk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities. Refer toNote 2 R. for further derivative disclosures.

H. Futures Contracts – The Fund may enter into futures contracts traded on domestic and international exchanges,including stock index and fixed income futures contracts. The Fund may enter into future contracts for hedgingpurposes, volatility management purposes, or otherwise to gain or reduce long or short exposure to one or moreasset classes. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin asrequired by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receivefrom or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract (with theexception of futures contracts traded on the London Metal Exchange (“LME”)). Such receipts or payments areknown as variation margin and are recorded by the Fund as unrealized gains and losses. When the contract is closed,the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it wasopened and the value at the time it was closed. The variation margin on LME futures contracts do not settle daily,but rather settle at their respective maturity dates. At period end, the unrealized appreciation and depreciation onLME futures contracts is shown as a receivable for unsettled open futures contracts and a payable for unsettledfutures contracts, respectively, on the Statement of Assets and Liabilities. The risks inherent in the use of futurescontracts include adverse changes in the value of such instruments. Refer to Note 2 A. for a pricing description.Refer to Note 2 R. for further derivative disclosures, and Note 2 P. for further counterparty risk disclosure.

I. Equity Swap Contracts – The Fund is subject to equity price risk and interest rate risk in the normal course ofpursuing its investment objectives. During the period ended April 30, 2020, the Fund entered into both long andshort equity swap contracts. The Fund may enter into swap contracts for hedging purposes, volatility managementpurposes, or otherwise to gain or reduce long or short exposure to one or more asset classes. A long equity swapcontract entitles the Fund to receive from the counterparty any appreciation and dividends paid on an individualsecurity, while obligating the Fund to pay the counterparty any depreciation on the security as well as interest onthe notional amount of the contract generally at a rate equal to the Euro OverNight Index Average (“EONIA”) orthe Sterling OverNight Index Average (“SONIA”) Bank of Japan Estimate Unsecured Overnight Call Rate

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(“TONAR”) or the Federal Funds Rate (“FED”) (plus an additional rate. Please see the Schedule of Swaps fordetails on a contract by contract basis). A short equity swap contract obligates the Fund to pay the counterpartyany appreciation and dividends paid on an individual security, while entitling the Fund to receive from thecounterparty any depreciation on the security, and to pay to or receive from the counterparty interest on thenotional value of the contract generally at a rate equal to EONIA, SONIA, TONAR or FED (plus an additionalrate. Please see the Schedule of Swaps for details on a contract by contract basis).

Fluctuations in the value of an open contract are recorded daily as net unrealized appreciation or depreciation. TheFund will realize gains or losses upon termination or reset of the contract. Either party, under certain conditions, mayterminate the contract prior to the contract’s expiration date. Refer to Note 2 A. for a pricing description. Credit riskmay arise as a result of the failure of the counterparty to comply with the terms of the contract. Refer to Note 2 P. forfurther counterparty risk disclosure. Additionally, risk may arise from unanticipated movements in interest rates or inthe value of the underlying securities. These contracts may involve market risk in excess of the amounts receivable orpayable reflected on the Statement of Assets and Liabilities. Refer to Note 2 R. for further derivative disclosures.

J. Foreign Securities and Currency Translation – Investment securities and other assets and liabilitiesdenominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases andsales of investment securities and income and expense items denominated in foreign currencies are translated intoU.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of theresults of operations from changes in foreign exchange rates on investments from the fluctuations arising fromchanges in market prices of securities held. Reported net realized foreign exchange gains or losses arise from salesof foreign currencies, currency gains or losses realized between the trade and settlement dates on securitiestransactions, and the difference between the amounts of dividends, interest, and foreign withholding taxesrecorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Netunrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, otherthan investments in securities at fiscal period-end, resulting from changes in exchange rates.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriationof assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect thevalue of the Fund’s investments in certain foreign countries. Since foreign securities normally are denominatedand traded in foreign currencies, the value of the Fund’s assets may be affected favorably or unfavorably bycurrency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions orprohibitions on the repatriation of foreign currencies. There may be less information publicly available about aforeign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, andfinancial reporting standards and practices comparable to those in the United States. The securities of someforeign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

K. Cash and Cash Equivalents – The Fund considers highly liquid short-term fixed income investmentspurchased with an original maturity of less than three months to be cash equivalents. Cash equivalents areincluded in short-term investments on the Schedule of Investments as well as in investments on the Statement ofAssets and Liabilities.

L. Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with serviceproviders that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements isunknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

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M. Security Transactions, Income and Expenses – The Fund follows industry practice and records securitytransactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis ofidentified cost. Dividend income and expense is recorded on the ex-dividend date and interest income and expense isrecorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with theFund’s understanding of the applicable country’s tax rules and regulations. Discounts and premiums on securitiespurchased are amortized over the expected life of the respective securities. Interest income is accounted for on theaccrual basis and includes amortization of premiums and accretion of discounts on the effective interest method.

N. Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to aspecific share class), and gains and losses of the Fund are allocated daily to each class of shares based upon the ratioof net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directlyattributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based onrelative net assets. 12b-1 fees are expensed at 0.25% of average daily net assets of Investor Class shares (See note 5).Shareholder servicing fees are expensed at an annual rate of up to 0.10% of average daily net assets of Investor Classshares (See note 5). Trust Expenses associated with a specific fund in the Trust are charged to that fund. CommonTrust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

O. Share Valuation – The NAV per share of the Fund is calculated by dividing the sum of the value of thesecurities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses)by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not bepriced on days which the New York Stock Exchange (“NYSE”) is closed for trading.

P. Counterparty Risk – The Fund helps manage counterparty credit risk by entering into agreements only withcounterparties the Adviser believes have the financial resources to honor its obligations. The Adviser considers thecredit worthiness of each counterparty to a contract in evaluating potential credit risk. The counterparty risk forforward currency contracts to the Fund includes the amount of any net unrealized appreciation on the contract.The counterparty risk for equity swaps contracts to the Fund includes the risk of loss of the full amount of any netunrealized appreciation on the contract, along with dividends receivable on long equity contracts and interestreceivable on short equity contracts. Written and purchased options and futures contracts sold on an exchange donot expose the Fund to counterparty risk; the exchange’s clearinghouse guarantees the options and futures againstcounterparty nonperformance. Over-the-counter options counterparty risk includes the risk of loss of the fullamount of any net unrealized appreciation.

Q. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management tomake estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and the reported amounts of revenues andexpenses during the reporting period. Actual results could differ from those estimates.

R. Derivatives – The Fund may utilize derivative instruments such as options, swaps, futures, forward currencycontracts and other instruments with similar characteristics to the extent that they are consistent with the Fund’srespective investment objectives and limitations. The use of these instruments may involve additional investmentrisks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments andthe underlying securities. Derivatives also may create leverage which will amplify the effect of their performanceon the Fund and may produce significant losses. Refer to Note 7 for further derivative disclosure.

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The Fund has adopted authoritative standards regarding disclosure about derivatives and hedging activities andhow they affect the Fund’s Statement of Assets and Liabilities and Statement of Operations. For the period endedApril 30, 2020, the Fund’s average derivative volume is described below:

Monthly Average Monthly AverageQuantity Notional Value______________ ______________

Purchased Option Contracts 3,639 $15,689,724Written Option Contracts 1,402 3,220,611Long Total Return Swap Contracts 47,045 976,928Short Total Return Swap Contracts 99,079 2,981,341Long Futures Contracts 418 47,109,125Short Futures Contracts 42 5,116,624Long Forward Contracts 213,484 62,605Short Forward Contracts 292,673 62,643

Statement of Assets and Liabilities

Fair values of derivative instruments as of April 30, 2020:

Fair ValueStatement of Assets and _______________________

Liabilities Location Assets Liabilities____________________ ________ __________

Purchased Option ContractsEquity Investments, at value $ 44,673 $ —Written Option ContractsEquity Written option contracts, at value — 42,340Swap ContractsEquity Payable for swap contracts — 79,159Forward Currency Contracts Receivable for forward

currency contracts 231 —Futures ContractsCommodity Receivable/Payable for unsettled

open futures contracts* 1,239,554 997,768Equity Variation margin for futures contracts — 441,170Interest rate Variation margin for futures contracts — 46,562__________ __________Total Futures Contracts 1,239,554 1,485,500__________ __________Total fair value of derivative instruments $1,284,458 $1,606,999__________ ____________________ __________* Includes variation margin on unsettled futures contracts.

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Statement of Operations

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2020:

Amount of Realized Gain (Loss) on Derivatives

ForwardPurchased Written CurrencyOption Option Swap Futures Exchange

Derivatives Contracts* Contracts Contracts Contracts Contracts Total__________ __________ _________ _________ _________ _________ _____

Equity Contracts $(233,117) $101,699 $(36,811) $(6,368,618) $ — $(6,536,847)Commodity Contracts — — — (605,095) — (605,095)Interest Rate Contracts — — — 901,965 — 901,965Foreign Exchange Contracts — — — — 562 562_________ ________ ________ ___________ ____ ___________Total $(233,117) $101,699 $(36,811) $(6,071,748) $562 $(6,239,415)_________ ________ ________ ___________ ____ ____________________ ________ ________ ___________ ____ ___________

Change in Unrealized Appreciation (Depreciation) on Derivatives

ForwardPurchased Written CurrencyOption Option Swap Futures Exchange

Derivatives Contracts** Contracts Contracts Contracts Contracts Total__________ ___________ _________ _________ _________ _________ _____

Equity Contracts $ 164,692 $ (12,512) $(89,010) $ 310,651 $ — $ 373,821Commodity Contracts — — — 2,713,231 — 2,713,231Interest Rate Contracts — — — 2,890,633 — 2,890,633Foreign Exchange Contracts — — — — 257 257_________ ________ ________ __________ ____ __________Total $ 164,692 $ (12,512) $(89,010) $5,914,515 $257 $5,977,942_________ ________ ________ __________ ____ ___________________ ________ ________ __________ ____ __________* The amounts disclosed are included in the realized gain (loss) on investments.** The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

3. RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. Pursuant to anInvestment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on amonthly basis, an annual advisory fee equal to 1.50% of the Fund’s average daily net assets.

The Fund’s Adviser has contractually agreed in an Operating Expense Limitation Agreement to reduce itsmanagement fees and/or absorb expenses of the Fund to ensure that total annual operating expenses after feewaiver and/or expense reimbursement (excluding distribution fees – Class A and Investor Class (see note 5),shareholder servicing fees – Class A, Class I and Investor Class (see note 5), any acquired fund fees and expenses,front-end or contingent deferred loads, redemption fees, swap fees and expenses, dividends and interest on shortpositions, taxes, leverage interest, brokerage fees (including commissions, mark-ups and mark-downs), annualaccount fees for margin accounts, expenses incurred in connection with any merger or reorganization,extraordinary expenses such as litigation, and distribution fees) do not exceed 1.50% of the Fund’s average dailynet assets. As of October 31, 2019, Class A shares and Class I shares are not available. Fees waived andreimbursed expenses are subject to possible recoupment from the Fund in future years on a rolling three-year basis(i.e. within the 36 months after the fees have been waived or reimbursed) not to exceed the expense limitation inplace at the time such amounts were waived or reimbursed. The Operating Expense Limitation Agreement isintended to be continual in nature and cannot be terminated within one year after the effective date of the Fund’s

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prospectus and subject thereafter to termination at any time upon 60 days written notice and approval by theTrust’s Board of Trustees and the Adviser. Waived fees and reimbursed expenses subject to potential recovery byyear of expiration are as follows:

Expiration Amount__________ ________

10/31/2020 $398,91010/31/2021 693,18310/31/2022 712,17910/31/2023 415,878

Fund Services acts as the Fund’s Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the“Custodian”) serves as the custodian to the Fund. The Custodian is an affiliate of the Administrator. TheAdministrator performs various administrative and accounting services for the Fund. The Administrator preparesvarious federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to besupplied to the Trustees; monitors the activities of the Fund’s custodian; coordinates the payment of the Fund’sexpenses and reviews the Fund’s expense accruals. The officers of the Trust, including the chief complianceofficer, are employees of the Administrator. A trustee of the Trust is an officer of the Administrator. Ascompensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon theaverage daily net assets of the Fund, subject to annual minimums. Fees paid by the Fund for administration andaccounting, transfer agency, custody and compliance services for the period ended April 30, 2020, are disclosed inthe Statement of Operations.

During the period May 1, 2019 through March 31, 2020, Quasar Distributors, LLC (“Quasar”), an affiliate of theAdministrator, served as the Fund’s distributor and principal underwriter in the continuous public offering of theFund’s shares before being acquired by Foreside Financial Group, LLC (“Foreside”). A Trustee of the Trust alsowas an interested person of Quasar during that period. Effective March 31, 2020, Foreside acquired Quasar, theFund’s Distributor, from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-ownedbroker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The Board has approved a newDistribution Agreement to enable Quasar to continue serving as the Fund’s distributor.

4. TAX FOOTNOTE

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the InternalRevenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributessubstantially all net taxable investment income and net realized gains to shareholders in a manner which results inno tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of and during the yearended October 31, 2019, the Fund did not have any tax positions that did not meet the “more-likely-than-not”threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized taxbenefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain taxpositions as income tax expense in the Statement of Operations. The Fund is subject to examination by taxingauthorities for the tax periods since the commencement of operations.

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As of October 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:

Tax cost of investments* $ 57,471,733______________________Gross unrealized appreciation $ 4,137,145Gross unrealized depreciation (6,657,517)___________Net unrealized depreciation (2,520,372)Undistributed ordinary income 6,741,313Undistributed long-term capital gain 2,901,854Other accumulated losses (241,962)___________Total accumulated gains $ 6,880,833______________________

* Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to partnership adjustments,wash sales, straddles, derivatives, constructive sales and passive foreign investment companies.

As of October 31, 2019, the Fund did not have any capital loss carryovers. A regulated investment company mayelect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the nexttaxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion ofthe Fund’s taxable period subsequent to October 31 and December 31, respectively. For the taxable year endedOctober 31, 2019, the Fund does not plan to defer any qualified late year losses.

Distributions to Shareholders – The Fund distributes substantially all net investment income, if any, and net realizedcapital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment forfinancial reporting purposes of distributions made to shareholders during the year from net investment income or netrealized capital gains may differ from their treatment for federal income tax purposes. These differences are causedprimarily by differences in the timing of the recognition of certain components of income, expense or realizedcapital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires thatthey be reclassified in the components of the net assets based on their ultimate characterization for federal incometax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values pershare of the Fund. For the year ended October 31, 2019 the following table shows the reclassifications made:

TotalDistributable Earnings Paid-in Capital___________ ___________$(387,085) $387,085

The tax character of distributions paid for the period ended April 30, 2020 and year ended October 31, 2019 wereas follows:

Ordinary Income* Long-Term Capital Gain Total________________ ______________________ _____

2020 $6,836,476 $2,901,875 $9,738,3512019 3,696,274 — 3,696,274

* For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”) for Class A and the Investor Class.The Plan permits the Fund to pay for distribution and related expenses at an annual rate of 0.25% average dailynet assets of Class A and the Investor Class. Amounts paid under the Plan are paid to the Distributor to

65



compensate it for costs of the services it provides to Class A and Investor Class shares of the Fund and theexpenses it bears in the distribution of the Fund’s Class A and Investor Class shares, including overhead andtelephone expenses; printing and distribution of prospectuses and reports used in connection with the offering ofthe Fund’s Advisor class shares to prospective investors; and preparation, printing, payments to intermediaries anddistribution of sales literature and advertising materials.

Under the Plan, the Trustees will be furnished quarterly with information detailing the amount of expenses paidunder the Plan and the purposes for which payments were made. The Plan may be terminated at any time by voteof a majority of the Trustees of the Trust who are not interested persons. Continuation of the Plan is considered bysuch Trustees no less frequently than annually. With the exception of the Distributor and the Advisor, in theircapacities as the Fund’s principal underwriter and distribution coordinator, respectively, no interested person hasor had a direct or indirect financial interest in the Plan or any related agreement. As of April 30, 2020, Class Ashares are not available. For the period ended April 30, 2020, the Investor Class incurred expenses of $6,755pursuant to the Plan.

In addition, pursuant to a Shareholder Service Plan (the “Shareholder Servicing Plan”) adopted by the Trust onbehalf of the Fund, the Advisor is authorized to engage financial institutions, securities dealers and other industryprofessionals (“Shareholder Servicing Agent”) to provide personal shareholder services relating to the servicingand maintenance of shareholder accounts not otherwise provided to the Fund. Payments made pursuant to theShareholder Servicing Plan shall not exceed 0.10% of the average daily net asset value of Class A, Class I and theInvestor Class of the Fund’s shares. For the period ended April 30, 2020, the Investor Class incurred expenses of$2,702 to the plan. As of April 30, 20120 Class A and Class I shares are not available for purchase.

Payments made under the Shareholder Servicing Plan shall be used to compensate Shareholder Servicing Agentsfor providing general shareholder liaison services, including, but not limited to: (i) answering inquiries fromshareholders regarding account status and history, the manner in which purchases and redemptions of the Fundshares may be effected, and other matters pertaining to the Fund; (ii) assisting shareholders in designating andchanging dividend options, account designations and addresses; (iii) arranging for wiring of funds andtransmitting and receiving funds in connection with orders to purchase or redeem Fund shares; (iv) verifying andguaranteeing shareholder signatures in connection with orders to purchase or redeem Fund shares; (v) providingsuch other similar services related to the maintenance of shareholder accounts; and (vi) providing necessarypersonnel and facilities to conduct the activities described above.

Distributions and shareholder servicing fees are not subject to the Operating Expense Limitation Agreement toreduce management fees and/or absorb Fund expenses by the Adviser. Distribution and shareholder servicing feeswill increase the expenses beyond the Operating Expense Limitation Agreement rate of 1.50% for Class A, Class Iand Investor Class.

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Fund for the period ended April 30,2020, were as follows:

Purchases Sales_________ _____

U.S. Government $ — $ —Other 308,639,562 321,106,661

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7. OFFSETTING ASSETS AND LIABILITIES

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions withselect counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to acounterparty in the event of a default with respect to all the transactions governed under a single agreement with acounterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arrangedexposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total netexposure to certain transactions (net of existing collateral already in place) governed under the relevant MasterNetting Arrangement with a counterparty in a given account exceeds a specified threshold depending on thecounterparty and the type of Master Netting Arrangement. Morgan Stanley is the prime broker for exchangetraded derivatives and the counterparty for swaps.

Gross Amounts notGross Net Amountsoffset in the StatementGross Amounts Presentedof Assets and LiabilitiesAmounts of Offset in the in the _______________________

Recognized Statement of Statement CollateralAssets/ Assets and of Assets Financial Received/ Net

Liabilities Liabilities and Liabilities Instruments Pledged* Amount__________ ___________ ___________ __________ ________ _______Assets:DescriptionSwap Contracts $ 112,565 $112,565 $ — $ — $ — $ —Forward Currency Contracts 427 196 231 — — 231Future Contracts 1,254,861 31,698 1,223,163 997,768 — 225,395__________ ________ __________ ________ ________ ________

$1,367,853 $144,459 $1,223,394 $997,768 $ — $225,626__________ ________ __________ ________ ________ __________________ ________ __________ ________ ________ ________

Liabilities:DescriptionWritten Option Contracts $ 42,340 $ — $ 42,340 $ — $ 42,340 $ —Swap Contracts 191,724 112,565 79,159 — 79,159 —Forward Currency Contracts 196 196 — — — —Future Contracts 1,500,807 503,039 997,768 997,768 — —__________ ________ __________ ________ ________ ________

$1,735,067 $615,800 $1,119,267 $997,768 $121,499 $ —__________ ________ __________ ________ ________ __________________ ________ __________ ________ ________ ________

* In some instances, the actual collateral pledged/received may be more than amount shown.

8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund createsa presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As ofApril 30, 2020, affiliates of the Adviser owned 26.63% of the outstanding shares of the Fund and NationalFinancial Services, for the benefit of its customers, owned 64.90% of the outstanding shares of the Fund.

9. COVID-19

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets andthe prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-termimpact on economies, markets, industries and individual issuers, are not known. The operational and financialperformance of the issuers of securities in which the Fund invests depends on future developments, including the

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duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity ofthe Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’sperformance.

10. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure through the date thefinancial statements were issued. There were no subsequent events to report that would have a material impact onthe Fund’s financial statements and the notes to the financial statements.

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AVAILABILITY OF FUND PORTFOLIO INFORMATION

The Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscalyear on Part F of Form N-PORT (beginning with filings after March 31, 2020), which is available on the SEC’swebsite at www.sec.gov. The Fund’s Part F of Form N-PORT may be reviewed and copied at the SEC’s PublicReference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. Inaddition, the Fund’s Part F of Form N-PORT is available without charge upon request by calling 1-866-530-2690.

AVAILABILITY OF PROXY VOTING INFORMATION

A description of the Fund’s Proxy Voting Policies and Procedures is available without charge, upon request, bycalling 1-866-530-2690. Information regarding how the Fund voted proxies relating to portfolio securities duringthe most recent period ended June 30, is available (1) without charge, upon request, by calling 1-866-530-2690, or(2) on the SEC’s website at www.sec.gov.

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For the fiscal year ended October 31, 2019, certain dividends paid by the Fund may be subject to a maximum taxrate of 23.8.%, as provided for by the American Taxpayer Relief Act of 2012. The percentage of dividendsdeclared from ordinary income designated as qualified dividend income was 5.38%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividendsreceived deduction for the fiscal year ended October 31, 2019 was 5.35%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributionsunder Internal Revenue Section 871 (k)(2)(c) was 100%.

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ADDITIONAL INFORMATION (UNAUDITED)APRIL 30, 2020


The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;• Information you give us orally; and/or• Information about your transactions with us or others

We do not disclose any non-public personal information about our customers or former customers without thecustomer’s authorization, except as permitted by law. We may share information with affiliated and unaffiliatedthird parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties withonly the information necessary to carry out their assigned responsibilities. We maintain physical, electronic andprocedural safeguards to guard your personal information and require third parties to treat your personalinformation with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, abroker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how yournon-public personal information would be shared with unaffiliated third parties.

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PRIVACY NOTICE (UNAUDITED)


(This Page Intentionally Left Blank.)

INVESTMENT ADVISERWeiss Multi-Strategy Advisers LLC

320 Park Avenue, 20th FloorNew York, NY 10022

DISTRIBUTORQuasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200Milwaukee, WI 53202

CUSTODIANU.S. Bank N.A.

1555 North Rivercenter Drive, Suite 302 Milwaukee, WI 53212

ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMCohen & Company, Ltd.

342 North Water Street, Suite 830Milwaukee, WI 53202

LEGAL COUNSELGoodwin Procter LLP

901 New York Avenue NWWashington, DC 20001

This report should be accompanied or preceded by a prospectus.

The Fund’s Statement of Additional Information contains additional information about the Fund’s trustees and is available without charge upon request by calling 1-866-530-2690.

C K – INVESTOR C · 4/30/2020 · currency movements will not be accurately predicted. A forward...

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